RBI Hikes Repo Rate By 50 Bps To 5.9% As Rupee Weakens, Inflation Persists

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By Mohammed Kudrati The Governor of Reserve Bank of India, Shaktikanta Das, today announced that the Monetary Policy Commitee (MPC) had decide to hike its policy repo rate by 50 basis points, taking the repo rate to 5.9% as the rupee reaches all time lows and inflation remains high. Further, the MPC maintained its focus on withdrawing on its accommodative stance with a focus on growth. Here are the main announcements by Das in this bi-monthly MPC announcement. 1. The interest ratesThe policy repo rate now stands at 5.9%, which was hiked 50 basis points by the six-member MPC with a 5-1 majority…

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