verb (used with object), devalued, devaluing.
to deprive of value; reduce the value of.
to fix a lower value on (a currency).
verb (used without object), devalued, devaluing.
to undergo devaluation: The currency has devalued at a rapid rate.
Also, devaluate.

1915–20; de- + value Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
devalue or devaluate (diːˈvæljuː, diːˈvæljuːˌeɪt)
vb , -values, -valuing, -valued, -valuates, -valuating, -valuated
1.  to reduce (a currency) or (of a currency) be reduced in exchange value
2.  (tr) to reduce the value or worth of (something)
devaluate or devaluate

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1918, a back formation from devaluation.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
The financial accounting board which sets the standards, all it does is devalue
  the intangibles and overvalue the tangibles.
But let's not, in the process, devalue the curiosity-driven pursuit of
  knowledge for its own sake.
No one sees my low salary as a reason to devalue my work.
The presence of two or more iterations of a mission statement could seriously
  undermine and devalue their role.
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