when gov fixes the exchange rate, say 1 rupee=70 dollars, this is parity vlue right?

The situation you're describing, where a government fixes the exchange rate at 1 rupee = 70 dollars, pertains to the concept of a fixed or pegged exchange rate. However, the term "parity value" is often used in different contexts, particularly in finance and economics.

1. Fixed Exchange Rate: This means that the value of the rupee has been officially set by the government or central bank to be equivalent to 70 dollars. In this scenario, all transactions and conversions involving the rupee and the dollar will respect this fixed rate.

2. Parity Value: This usually refers to the nominal value at which two currencies are considered equivalent based on purchasing power, interest rates, or other economic indicators. In this case, if the economic fundamentals suggest that 1 rupee should equal, say, 0.0142857 dollars (when you calculate 1/70), then the pegged rate could be seen as diverging from the 'true' market or parity value.

Thus, while 1 rupee = 70 dollars is a fixed exchange rate, it does not necessarily imply that it reflects the currency's true parity value unless economic conditions support that rate. In essence, the fixed rate could be higher or lower than the actual market value, which could lead to trade imbalances or financial issues over time.