The Indian rupee weakened to its lowest level in three months due to a surge in oil prices, highlighting India’s vulnerability to energy shocks. The decline mirrored losses in other emerging Asian currencies and led to a rise in sovereign bond yields. Sovereign bonds fell, with the yield on the 10-year bond rising by four basis points to 6.30% Brent crude has climbed about 20% this month, driven by escalating tensions between Israel and Iran.