as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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explain the concept of currency devaluation.
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currency devaluation is a deliberate downward adjustment to the value of a currency compared to another. by reducing the value of its currency, a country makes its exports cheaper in other countries and its imports more expensive, which can help boost its own economy. devaluation can also reduce the purchasing power of a nation, thus causing inflation.
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