From The Hindu Archives, March 23, 1926: Fall in the rupee

The recent sudden fall in rupee exchange has been due to heavy bullion enquiry in Bombay. This demand was accompanied by considerable speculation and the natural outcome was a fall. When advice of this was received in the Calcutta market, undue nervousness was displayed, with the result that in this centre Thursday’s closing rate stood at 5 31/32d or one point lower than in Bombay. Since then the market has steadied, indicating the purely temporary character of the fall. All the factors point to the improbability of any further sudden drop. — “The Pioneer”.