# The oil crash couldn’t have come at a better time for India’s rupee

> Crude oil prices tanked during the pandemic, bringing relief to India, where the rupee rebounded about 2% from a record low. Bank of America estimated savings of $40 billion from cheaper oil, and a Bloomberg survey forecast the rupee rising to 74.74 by year-end.

- Date: 2020-05-11 · published 2020-05-11T12:00:00.000Z
- Category: macro · region India · magnitude medium
- Page: https://feedsoft.ai/events/53410-the-oil-crash-couldn-t-have-come-at-a-better-time-for-india-s-rupee
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

Cheap crude eases India's import bill and supports the rupee, but lockdown-driven fuel demand collapse limits the fiscal gains for the economy.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- USDINR: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-12-20 | [Indian Rupee: Rupee's year-end rally heralds a brighter 2019 as oil slumps - Times of India](https://feedsoft.ai/events/61851-indian-rupee-rupee-s-year-end-rally-heralds-a-brighter-2019-as-oil-slumps-times.md) | -8.1% | +10.6% |
| BRENT | 2023-01-01 | [Why Indian rupee could remain rangebound in short term](https://feedsoft.ai/events/38495-why-indian-rupee-could-remain-rangebound-in-short-term.md) | -6.9% | +0.7% |
| BRENT | 2021-07-21 | [RBI Intervention And Sharply Lower Oil Prices Halted The Rapid Rise In USD/INR \| Investing.com India](https://feedsoft.ai/events/46346-rbi-intervention-and-sharply-lower-oil-prices-halted-the-rapid-rise-in-usd-inr.md) | +7.2% | -0.7% |
| BRENT | 2020-03-27 | [Oil price crash: a glimpse into the future for global energy markets? Q&A with Pierre Noel](https://feedsoft.ai/events/7880-oil-price-crash-a-glimpse-into-the-future-for-global-energy-markets-q-and-a.md) | -1.2% | -25.9% |
| BRENT | 2018-12-01 | [Rupee gains past 70 a dollar for first time in 3 months: 5 things to know](https://feedsoft.ai/events/62320-rupee-gains-past-70-a-dollar-for-first-time-in-3-months-5-things-to-know.md) | +6.0% | -10.4% |
| WTI | 2021-11-23 | [Indian bonds, rupee weaken on Jerome Powell’s new term at U.S. Federal Reserve - The Hindu](https://feedsoft.ai/events/44317-indian-bonds-rupee-weaken-on-jerome-powell-s-new-term-at-u-s-federal-reserve.md) | -13.8% | -7.3% |
| WTI | 2020-04-20 | [Oil price crashes into negative territory for the first time in history amid pandemic](https://feedsoft.ai/events/4478-oil-price-crashes-into-negative-territory-for-the-first-time-in-history-amid.md) | -32.4% | +73.9% |
| WTI | 2020-04-24 | [Cheaper oil, foreign flows a tailwind for rupee](https://feedsoft.ai/events/53924-cheaper-oil-foreign-flows-a-tailwind-for-rupee.md) | +23.0% | +120.1% |

## Sources

- theprint.in: https://theprint.in/economy/the-oil-crash-couldnt-have-come-at-a-better-time-for-indias-rupee/418636/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.