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India’s RBI Delivers Half-Point Hike To Rein in Inflation, Rupee
India’s central bank delivered a hat-trick of half-point interest-rate hikes, sustaining its battle to rein in inflation while flagging “calibrated action” to shield the economy amid fears of a global recession. The benchmark repurchase rate was raised by 50 basis points to 5.90%, Reserve Bank of India Governor Shaktikanta Das said after the six-member monetary policy committee’s 5-1 decision. The move was expected by 34 of 46 economists in a Bloomberg survey. “If high inflation is allowed to linger, it invariably triggers second order effects,” Das said in a virtual briefing, taking the total increase ... (full story)