India warns on prices but keeps rates unchanged

The Reserve Bank of India held rates at its quarterly monetary policy meeting on Tuesday in spite of inflation reaching a three-year high in the weeks leading up the meeting.

The central bank did, however, hike its cash reserve ratio, the proportion of a commercial bank's deposits that must be held in central bank coffers, for the second time in a fortnight.

Following the 50 basis-point hike, announced on 17 April, the central bank raised the ratio by a further quarter point on Tuesday by 25

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