Rupee knocked down by surging oil following output cuts

The Indian rupee weakened versus the US dollar as crude prices rose, following an unexpected output cut of 1.16 million barrels per day by the OPEC+ oil-producing group. The move could lead to oil price hikes of up to $10 per barrel, which could in turn drive global inflation higher. Analysts predict this could put pressure on the Indian currency. HDFC Bank economists expect the Indian rupee to trade between 82 and 82.60 per dollar ahead of the Reserve Bank of India (RBI) meeting, during which it is expected to raise rates by 25 basis points.