Credit Suisse says India most vulnerable to rising oil prices, downgrades it to underweight

Global brokerage giant Credit Suisse has cut India's market position to underweight from overweight in the wake of rising crude oil pirces.

Dan Fineman of Credit Suisse said that India is most vulnerable to higher oil prices across Asian markets.

Crude oil prices touched $140 a barrel, the highest in 13 years, as the West mulls banning Russian oil imports.

The downgrade is largely due to oil prices and its impact on inflation which is already inching higher.

He said that rising oil will further put pressure on India's current account.

The funds that have been freed from India will be used for raising China's rating from Market Weight to Overweight.