Today, segments of India’s capital markets are comparable with counterparts in many of the advanced economies in terms of efficiency (price discovery), tradability (low impact cost), resilience (co-movement of rates across product classes and yield curves), and stability.
I have had a hard time, sometimes as a central banker, and sometimes as the head of a trading company, dealing with fluctuations in foreign exchange rates. In the meantime, EU countries made efforts to stabilize foreign exchange rates between member countries and such efforts paid off at the end of the 20th century. They gave birth to a single currency, the euro.