RBI holds rates fearing impact of further QE abroad

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The Reserve Bank of India (RBI) today (June 18) left the country's policy rate unchanged at 8%, surprising some market watchers. HSBC released a research note stating that while the move went against expectations, it was the "right thing" for the central bank to do.

"We and most others did not get this right, but we welcome RBI's decision to remain on hold. This was the right decision in light of the lingering inflation risks, and it will serve to strengthen their credibility," said HSBC.

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