The Indian rupee was pegged to the British pound at a rate of 1 rupee = 1 shilling and 6 pence or 13 1/3 rupees per British pound in 1947. Based on the ratio of the value of the British Pound and the U.S. Dollar, at that time one dollar equals 3 rupees. The reasons for a rupee losing its value is the fiscal deficit of India. The crude oil consumption, the increase in gold prices, the increase Chinese imports, the increase in the number of foreign tours by Indians, imported cars and other goods are responsible for this diminishing of rupee value.
My personal opinion is we should not compare the exchange rate of rupee with a dollar for knowing the economic growth of India.