The decline came against the backdrop of a renewed rise in international crude prices. For India, which depends substantially on imported crude oil, a sustained rise in international oil prices can have implications for the trade deficit, inflation, the rupee and corporate earnings. Crude Oil Becomes Key Market RiskCrude oil emerged as one of the most important factors influencing investor sentiment. A weaker rupee can add to India’s imported inflationary pressures, particularly when crude oil prices are simultaneously rising. For investors, the immediate focus is likely to remain on crude oil prices, global interest-rate expectations, the rupee-dollar movement and further corporate earnings announcements.