# Rupee plunges to historic low of 71  | Business News - The Indian Express

> The Indian rupee fell 26 paise to a record low near 71 per dollar on Friday, August 31, closing at 70.955/71.00. The decline was driven by firming crude prices, month-end importer demand and weakness in other emerging market currencies, while the Reserve Bank of India intervened only selectively.

- Date: 2018-08-31 · published 2018-08-31T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/63796-rupee-plunges-to-historic-low-of-71-business-news-the-indian-express
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A weaker rupee raises the cost of imported inputs and energy for India, and emerging-market currency stress can weigh on dollar-denominated commodity demand from Asia.

## Read by commodity

- WTI: bullish ▲
- USDINR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-09-01 | [Indian rupee at fresh record low, breaches 71 for the first time](https://feedsoft.ai/events/63801-indian-rupee-at-fresh-record-low-breaches-71-for-the-first-time.md) | -3.3% | +7.9% |
| WTI | 2018-09-13 | [Viewpoint: What can stop India's rupee plunge? - BBC News](https://feedsoft.ai/events/63324-viewpoint-what-can-stop-india-s-rupee-plunge-bbc-news.md) | +1.0% | +4.0% |
| WTI | 2022-01-28 | [India's high foreign exchange reserves not enough to shield rupee \| Money & Forex Markets - Business Standard](https://feedsoft.ai/events/43418-india-s-high-foreign-exchange-reserves-not-enough-to-shield-rupee-money-and.md) | +3.4% | +5.0% |
| WTI | 2022-05-22 | [Volatility in rupee replaced by volatility in reserves - The HinduBusinessLine](https://feedsoft.ai/events/41689-volatility-in-rupee-replaced-by-volatility-in-reserves-the-hindubusinessline.md) | +1.9% | -2.0% |
| WTI | 2021-12-29 | [IPO flows to strengthen rupee in 2022; tighter policy likely dampener \| Top Stories on IPOs - Business Standard](https://feedsoft.ai/events/43896-ipo-flows-to-strengthen-rupee-in-2022-tighter-policy-likely-dampener-top.md) | +1.3% | +15.8% |

## Sources

- indianexpress.com: https://indianexpress.com/article/business/economy/rupee-plunges-to-historic-low-of-71-5334537/

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