Cheaper crude has eased concerns about India’s inflation outlook, the rupee and the fiscal deficit. As a result, investors have scaled back bets on aggressive interest rate hikes by the Reserve Bank of India (RBI). Overnight indexed swap rates reflected the shift. The one-year OIS rate fell 5.25 basis points to 6.28 per cent, the two-year dropped 4.5 basis points to 6.3 per cent , and the five-year slid 8.5 basis points to 6.395 per cent.