MUMBAI - India's benchmark 10-year bond yield jumped 11 basis points this week, while the rupee weakened for a fifth straight week, as a sustained rise in global oil prices raised worries over imported inflation and aggressive rate increases.

The Reserve Bank of India's monetary policy committee is due to meet next week and is widely expected to raise rates yet again to follow up on its off-cycle 40-basis-point increase announced in early May.

By how much it would raise next week was unclear as forecasts were split six ways, ranging between 25 and 75 basis points, a Reuters poll showed.

"The local markets are waiting for the outcome of the RBI monetary policy," said Joseph Thomas, head of research at Emkay Wealth Management.

Rate hikes and additional measures to squeeze out liquidity from the banking system are expected from the RBI and could adversely affect economic growth, which is already showing signs of slowing down, he added.

India's economic growth slowed to the lowest in a year in the first three months of 2022, data earlier in the week showed, hit by weakening consumer demand amid soaring prices.

The uptick in global crude prices is also hurting sentiment.

India's benchmark 10-year bond yield ended at 7.46%, up 3 basis points on the day, after touching 7.47% earlier in the session, its highest level since May 9. The yield rose 11 basis points on the week, its biggest weekly gain in four.

Oil slipped on Friday after OPEC+ decided to increase production targets by slightly more than planned, although tight global supply and rising demand as China eases COVID-19 restrictions limited the decline.

India imports nearly 85% of its oil requirements and high prices worsen the country's trade and current account deficits while also pushing up imported inflation and weakening the currency.

The partially convertible rupee ended at 77.6225 per dollar compared to its close of 77.6050. For the week, the unit fell 0.1%, to mark its fifth straight weekly decline.

(Reporting by Swati Bhat; Editing by Amy Caren Daniel)