In a surprise move, the RBI today kept its repo rate, the rate it lends to commercial banks, unchanged at 6.5%. Many analysts had expected a rate increase to combat inflationary pressures arising from high oil prices and a weakening rupee. The monetary policy panel shifted its policy stance to ‘calibrated tightening” from ‘neutral’. Five of the six panel members voted to leave the rate unchanged. After the RBI announcement, the BSE Sensex was down over 500 points while Nifty traded at 10,400. Rupee hit a fresh low beyond 74 a dollar, down 0.62% from its previous close.
In a surprise move, the RBI today kept its repo rate, the rate it lends to commercial banks, unchanged at 6.5%. Many analysts had expected a rate increase to combat inflationary pressures arising from high oil prices and a weakening rupee. The monetary policy panel shifted its policy stance to ‘calibrated tightening” from ‘neutral’. Five of the six panel members voted to leave the rate unchanged. After the RBI announcement, the BSE Sensex was down over 500 points while Nifty traded at 10,400. Rupee hit a fresh low beyond 74 a dollar, down 0.62% from its previous close.
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