PV would have known of the 1966 devaluation episode and how Indira Gandhi had been criticized for it. Not many are aware that when Indira devalued the rupee in 1966, again under IMF advice, she took care to depute officials from the PMO and Finance Ministry to several state capitals so that important chief ministers were briefed about it. A sudden change in the value of the rupee had to be politically managed. It was not just an economic decision.
