Reserve Bank of India to hold rates in August, first cut in Q4: Reuters poll
BENGALURU - The Reserve Bank of India will keep interest rates steady for a ninth straight meeting in August due to persistently high inflation, with a slim majority of economists in a Reuters poll expecting the first rate cut next quarter.
All 59 economists in the latest Reuters poll predicted the RBI would hold the repo rate at 6.50% at the conclusion of its August 6-8 meeting. It was the first rates survey taken after the July 23 budget, in which the government kept borrowing targets in check. Inflation was expected to average 4.5% this fiscal year and next, according to a separate Reuters poll. It has remained above the central bank's mid-point target of 4.0% for nearly five years.
A 57% majority said a first cut would come in Q4, but there was no majority on where the repo rate would end the year. All respondents said any easing would come later than a first rate reduction from the U.S. Federal Reserve, expected in September.
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