# Rupee plunges nearly 1%, RBI steps in to cut losses  - The Hindu

> The Indian rupee fell nearly 1% to 71.60 against the dollar on September 16, 2019, after crude prices jumped following drone attacks on Saudi Aramco's largest oil processing site. The Reserve Bank of India intervened in the foreign exchange market, which limited the currency's losses. Bond yields also rose on inflation concerns.

- Date: 2019-09-16 · published 2019-09-16T12:00:00.000Z
- Category: macro · region India · magnitude medium
- Page: https://feedsoft.ai/events/57380-rupee-plunges-nearly-1-rbi-steps-in-to-cut-losses-the-hindu
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

India imports over 80% of its oil, so higher crude raises its import bill and inflation risk, which can weaken the rupee and limit further rate cuts. For feed buyers, the story signals that a stronger crude price feeds through to emerging-market currencies and the cost of imported inputs.

## Read by commodity

- BRENT: bullish ▲
- USDINR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-10-08 | [Rupee slumps 20 paise to close at 74.99 against U.S. dollar - The Hindu](https://feedsoft.ai/events/44867-rupee-slumps-20-paise-to-close-at-74-99-against-u-s-dollar-the-hindu.md) | +2.2% | -2.2% |
| BRENT | 2019-06-20 | [Rupee surges by 24p to 1-wk high on US rate cut hopes](https://feedsoft.ai/events/58891-rupee-surges-by-24p-to-1-wk-high-on-us-rate-cut-hopes.md) | +7.0% | +2.1% |
| BRENT | 2020-02-14 | [Rupee settles 6 paise lower at 71.37 against US dollar  - The Hindu](https://feedsoft.ai/events/54862-rupee-settles-6-paise-lower-at-71-37-against-us-dollar-the-hindu.md) | +5.5% | -43.0% |
| BRENT | 2026-09-24 | [Rupee Faces Oil And US Rate Jitters, But RBI Steps In - Finimize](https://feedsoft.ai/events/17746-rupee-faces-oil-and-us-rate-jitters-but-rbi-steps-in-finimize.md) | -2.9% | +2.3% |
| BRENT | 2019-09-17 | [Rupee furthers loss by 18 paise as crude worries hurt sentiment - India Today](https://feedsoft.ai/events/57384-rupee-furthers-loss-by-18-paise-as-crude-worries-hurt-sentiment-india-today.md) | -5.8% | -14.0% |

## Sources

- thehindu.com: https://www.thehindu.com/business/rupee-plunges-nearly-1-rbi-steps-in-to-cut-losses/article29433182.ece

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