Friday, August 5, 2022

India hikes interest rates by 2 yards to 5.40%

IndiaCentral bankOn Friday, the repo rate was raised by 2 yards to 5.40%, for the third time in a row since May, on hopes that inflation would return to target levels and avoid further depreciation in the rupee.Indian Public DebtyieldAnd Ruby left.

“Inflationary pressures are widespread and core inflation remains high,” RBI Governor Shaktikanta Das said in a speech in Mumbai.

Of the 36 economists surveyed by Bloomberg, 16 expected a 2-yard rate hike, and a six-member committee unanimously approved a 2-yard rate hike. India’s 10-year bond yield rose 10 basis points to 7.26 per cent, while the rupee rose 0.5 per cent to 79.0713.

India’s overall inflation level is at 7%, which is still above the RBI’s target range of 2%-6%.

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