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Friday, Jun 27, 2025
The Reserve Bank's Monetary Policy Committee hiking the repo rate by 40 basic points to 4.40 per cent earlier this month was a prelude to the government intervention to keep the price rise under control.
The local currency also touched its record intra-day low of 77.63 to a dollar as losses in domestic stocks, concerns over weak growth, and persistent forex outflows negated the impact of a fall in crude oil prices.
The decision follows an unscheduled meeting of the Monetary Policy Committee (MPC), with all six members unanimously voting for a rate hike while maintaining the accommodative stance.
This is the third consecutive month that the inflation remained above the 6 per cent mark. The previous high at 7.61 per cent was recorded in October 2020.
RBI's six-member Monetary Policy Committee voted to hold the benchmark repurchase or the repo rate at 4 per cent, Governor Shaktikanta Das said.
Consumers in Asia's third-largest economy are feeling the bite as companies pass on a surge in costs since the invasion.
The recent geopolitical tensions in Ukraine and Russia have sent oil prices spiralling and raised concerns of a hit to India's economic recovery.
Accordingly, the Reserve Bank of India data showed that India's forex reserves fell to $622.275 billion from $631.920 billion reported the previous week.
Food prices, which contribute to nearly half of the consumer price index (CPI), climbed 5.85 per cent year-on-year in February, compared with 5.43 per cent a month before.
Coming back to the current turmoil, actually the resignation of Patel as RBI Governor has elicited sharp reactions from all quarters, so to say.
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