With elevated crude oil and a higher inflation print for August, the Reserve Bank of India (RBI) may hike its key lending rate at its October Monetary Policy Committee (MPC) meeting, according to analysts.

According to Anindya Banerjee, Head of Equity Research at Kotak Securities, the elevated crude oil prices that is above USD 107 per barrel will have an impact on the country's import bill, the rupee, and would lead to higher inflation and thus the RBI would have to step in with a rate hike, reported news agency ANI.