The correct answer is (b).
The rupee was devalued twice in the financial year 1991-92. The first devaluation was on July 1, 1991, when the value of the rupee was reduced by 18% against the US dollar. The second devaluation was on November 17, 1991, when the value of the rupee was reduced by 12% against the US dollar.
The devaluation of the rupee was a major economic policy decision taken by the government of India in 1991. The decision was taken in order to improve the competitiveness of Indian exports and to attract foreign investment. The devaluation of the rupee led to a significant increase in the prices of imported goods and services, which had a negative impact on the Indian economy. However, the devaluation also led to an increase in the value of Indian exports, which had a positive impact on the Indian economy.
The devaluation of the rupee was a controversial decision, and it was opposed by many economists. However, the decision was ultimately successful in improving the competitiveness of Indian exports and in attracting foreign investment.
The other options are incorrect because the rupee was not devalued twice in those financial years.