Rates round-up: RBI adds 50bp to main rate

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Reserve Bank of India building in Mumbai
Nichalp/Wikimedia Commons

India: The Reserve Bank of India has increased its reference rate by 50 basis points, to 4.9%, on June 8. This is the second rate increase in a row, following a 40bp hike at an unscheduled monetary policy committee meeting in early May. All six members of the committee endorsed the hike.

In its statement, the MPC reported that consumer price index inflation had risen to 7.8% in April, up from 7% in March. The RBI maintains a 4% inflation target with a 2% tolerance band.

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