It’s ironical that a just a day before the country celebrated its 72^nd Independence Day, the rupee crossed the 70 mark against the greenback. On June 28, the rupee breached the 69 per dollar mark for the first time ever, and hit a new low at 70.40 on August 16. When the rupee was first devalued in 1966 and pegged to the American currency, it equaled 7.50 rupees. While the INR’s “once-upon-a-time story” has often gone viral on social media, the fact is that the rupee has been depreciating at a CAGR of 4.46% since it was first devalued.