Brent crude surges above $106, eyes $120 test

Brent crude surges above $106, eyes $120 test. A move towards $120 could severely pressure India's trade balance and widen current account deficit. The rupee may weaken past 83.50/USD, while inflation could breach 6.5%, forcing RBI to stay hawkish. Equity markets may see volatility in energy-importing sectors like FMCG and Auto.

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