I have read many times that countries has devalued their currency.why does a country devaluates it's currency? what are the gains that a country can get by devaluating it's currency?
Exports would be more competitive. When INR was about 40 relative to USD, the Indian IT cos. were a bit cagey. Right now they are happier that the INR has slumped to around 50 wrt the USD, but of course they ahve other worries now.
