This peg was maintained until 1966 , when the rupee was devalued and pegged to the U.S. dollar at a rate of 7.5 rupees = 1 dollar ( at the time , the rupee became equal to 11.4 British pence ) . This peg was maintained until 1966 , when the rupee was devalued and pegged to the U.S. dollar at a rate of 45 rupees = 1 dollar ( at the time , the rupee became equal to 11.4 British pence ) .