Here is a graph that shows a 40 year slide (1985 - 2025) in the Indian Rupee vs the US Dollar.
For about five years between 2002 - 2007 the Rupee appreciated a little and again in 2010. But the trend over the past 40 years has been downward. Today at over 86 Rupees to the USD the Rupee is really going down.
Indians have all sorts of 'explanations' for this slide but at the end of the day it is a measure of the relative productivity between the two currencies. The Indian software programmer is obviously getting paid less and less (in US Dollars) by the American software houses. But in Indian Rupees he probably gets paid more.
Logically it is because there are more software programmers being produced in India than the demand from the American software houses. Or the Indians wait for the Americans to tell them what to do. When they tell you what to do they also decide how much they will pay you.
