The top graph (Rupee-dollar dynamics) shows a flat patch, where the USD/INR exchange rate stopped moving much. The bottom graph shows a longer historical perspective. The last time a similar flat patch was found in history was around 2006. After a long history of government control of the exchange rate, India took a big step forward to becoming a market-oriented economy, with the decontrol of the exchange rate. Now, we are back to de-facto government control of an important price in the economy.
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