RBI MPC Monetary Policy Review Announcement Live Updates: The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on Friday hiked the repo rate by 50 basis points (bps) to 5.90 per cent with immediate effect, RBI Governor Shaktikanta Das announced.
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This is the fourth rate hike by the central bank in this financial year. Prior to this, the RBI had raised the repo rate – by 40 bps in an off-cycle meeting in May and 50 bps in June and August. The market experts expected the MPC to raise the repo rate by 50 basis points (bps) in this meeting to tame the raging inflation and a falling rupee which hit an all-time low earlier this week following a strengthening of the dollar.
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