India surprises with 25 basis point hike
The Reserve Bank of India (RBI) late on Friday implemented surprise 25 basis-point hikes to its benchmark reverse repurchase rate, and the repurchase rate, taking them to 3.5% and 5% respectively.
The move, which had been all but ruled out by senior officials, came a full month before the central bank's next scheduled policy announcement on 20 April.
The RBI said its hand had been forced by "inflationary pressures [that had] intensified beyond our baseline projection." Wholesale price inflation
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