RBI makes fresh rate hike as inflation pressure persists
Central bank faces rising food and oil prices, while growth remains rapid
The Reserve Bank of India (RBI) today (August 1) implemented its second consecutive rate hike, warning inflationary pressure remains strong and “several risks persist”.
The 25 basis point hike pushes the policy rate up to 6.5%, and follows a move of the same magnitude at the previous meeting, on June 6. The August decision saw one policy committee member, Ravindra Dholakia, vote against the majority, though the policy statement did not offer a reason for his dissent.
Today’s hike was set
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