Indian cut smaller than expected

The Reserve Bank of India cut interest rates by a quarter point on Tuesday, less than many observers had been predicting.

The reduction brought the total amount of cuts since October to 425 basis points. The country's benchmark lending rate now stands at 4.75%.

In a more gloomy outlook for the economy, the central bank lowered its forecast for the year ending 31 March, suggesting full-year growth would come in at between 6.5%-6.7%, rather lower than the 7% it had originally projected.

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