RBI raises repo rate; further near-term hike unlikely

The Reserve Bank of India unexpectedly raised its policy interest rate on Tuesday by

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25 basis points but said that if consumer price inflation eases as projected it does not foresee further near-term tightening.

The RBI raised its policy repo rate by 25 basis points to 8.00 percent. Most economists in a Reuters poll conducted last week had expected no change in rates.

However, expectations for a rate hike had increased after a central bank panel proposed to make the consumer price index the main inflation benchmark.

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