The International Monetary Fund (IMF) was set up in 1944 and an adjustable peg system was established then which was called Bretton Woods system. The reason for the set-up was to avoid the chaos of 1930¡¯s and encourage free trade which would avoid the rigidity of gold standard. IMF¡¯s primary objectives are, namely to regulate and manage an orderly foreign exchange rate, the convertible currencies and of course to fund temporary balance of payments disequilibria and thus to help stabilize the exchange rates of its member countries. This system failed in 1971 and subsequently being replaced by free floating currency exchange rate system which still prevails. In a free foreign exchange market, the rate of exchange is determined by demand and supply. Other factor which would affect the exchange rate are the speculation activities. The speculators are so powerful that even central banks of certain nations are not capable to contain......

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