BRETTON WOODS is the name of a conference held at Bretton Woods, New
Hampshire, in 1944, which designed the structure of the international monetary system
after the Second World War and set up the IMF (International Monetary Fund) and the
World Bank. It was agreed that the Exchange Rates of IMF members would be pegged
(fixed exchange rate) to the dollar, with a maximum variation of 1% either side of the
agreed rate. From 1944 till 1971 the U.S. had a fixed exchange rate under this system.
You can add few point with regard to Historic Perspective on India's Forex Position
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