RBI's Reddy says monetary policy 'in sync'

Reserve Bank of India governor Y. V. Reddy said on Saturday 10 June that the recent increase in overnight interest rates was necessary so that India was not "out of sync" with the monetary developments in the world.

"Several central banks have raised interest rates globally. Our monetary policy cannot be out of sync with the policies of major economies... We are now in sync with global policies,'' RBI chief Reddy told reporters.

He said the global factors were now accorded greater weightage. "We

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