By Ankush Arora and Sankalp Phartiyal
On Friday, global oil prices inched towards a nine-month high on increased risks of supply disruption from Iraq. Investors fear spiraling crude prices and a weak monsoon could add to inflation woes and hurt India’s current account deficit.
The monsoon has covered half of India four days behind schedule, failing to recover from a late start that has slowed the sowing of summer crops.
Earlier this week, the U.S. Federal Reserve hinted that interest rates would stay low for a while.
In the currency market, the rupee fell for the fourth straight week on higher global oil prices.