Hawkish RBI in ‘surprise’ rate hike

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Markets fell on Tuesday after the Reserve Bank of India (RBI) unexpectedly raised its benchmark repo rate by 50 basis points to 8%, the 11th such increase since March 2010, in an effort to combat inflation.

The yield on India's 10-year government bond jumped 0.43% following the move, trading at 8.32% on Tuesday at 2pm UK time. Meanwhile, the Sensex 30, a stock index of India's 30 largest and most actively traded companies, lost 1.87% of its value, falling to 18,518.22 at the close of trade.

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