in 1927, the peg was once more reduced, this time to 18 pence (13⅓ rupees = 1 pound). 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 lasted until the u.s. dollar devalued in 1971.