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In line with our expectations, the Reserve Bank of India has slowed the policy tightening pace after the three consecutive 50 basis points rate hikes in the past meetings.
The decision of a 35-bps repo rate hike has come against the backdrop of the easing of domestic consumer price index inflation and moderation of global commodity prices.
Expectations of moderation in rate hike by the U.S. Federal Reserve has also supported RBI’s less aggressive policy stance. However, core inflation persisting at a high level of around 6% remains a concern for the Central Bank.
The RBI has outlined its objective to continue on the policy normalisation path to anchor inflationary expectations while ensuring that growth is not hampered.
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