RBI takes hawkish stance against inflation with another rate hike

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The Reserve Bank of India (RBI) raised its key benchmark rate – the repurchase rate – by 25 basis points today to 7.75%, the second such hike in two months. It also cut the rate on its marginal standing facility (MSF) by the same amount to 8.75%, representing a roll-back of liquidity-limiting measures to stabilise volatility in the rupee.

The rate moves have been generally lauded by economists on the grounds that the RBI is finally getting a handle on runaway inflation in the country. Consumer

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