The reduction of the value of a country's currency in relation to other country's currencies in

Devaluation is a deliberate reduction in the official value of a country's currency in relation to other currencies, usually carried out by the government or central bank as a policy decision. It makes the country's exports cheaper and its imports more expensive, and it is an intentional, one-off official act rather than a natural market movement.

The other terms describe different situations. Fluctuation refers to the everyday rise and fall in a currency's exchange value caused by market forces, not a deliberate government reduction. Inflation is a general and sustained rise in the prices of goods and services within an economy, not a change in the currency's value against other currencies. Deregulation is the removal of government rules controlling an industry or market, which has nothing to do with currency value.

Examination reminder: devaluation is always deliberate and official; if a question describes a government decision to lower a currency's international value, that is the term to use, not fluctuation.