The RBI surprised markets by holding its key repo rate steady after six consecutive hikes, saying it was closely monitoring the impact of recent global financial turbulence on the economy. | Reuters
MUMBAI – The Reserve Bank of India surprised markets by holding its key repo rate steady on Thursday after six consecutive hikes, saying it was closely monitoring the impact of recent global financial turbulence on the economy.
“We expect the RBI to maintain an extended pause and evaluate the lagged impact of previous rate hikes and global uncertainties on growth-inflation dynamics,” said Upasna Bhardwaj, chief economist at Kotak Mahindra Bank. The central bank sees inflation at 5.2 percent in 2023-24, and GDP growth is seen at 6.5 percent in the financial year beginning April 1.“With unyielding core inflation, we remain firm and resolute in our pursuit of price stability which is the best guarantee for sustainable growth,” said the committee in its statement.
The decision to hold interest rates steady was unanimous in contrast to the last decision when four members had voted for a hike in rates.
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