In 1947, when India became an independent nation; the 'rupee' was at parity with the dollar because there were no outside borrowings that featured on the balance sheet. But the rupee was rocked by two phases of devaluation: in 1966 and 1991, and in August 2013, the value of the rupee plummeted to an all-time low of ₹68.75. 

Here's a cumulative list of how the INR has fared against the Dollar, since 1947:

How far, we've come, sadly!