By Malvika Gurung
Investing.com -- The Monetary Policy Committee (MPC) of RBI has hiked the repo rate by 35 basis points on Dec 7, 2022, snapping a three-consecutive 50 bps rate hike streak, and taking the benchmark lending rate to 6.25% after a three-day policy meeting starting on Dec 5.
The central bank’s benchmark rate-setting panel has raised the key lending rate in line with Investing.com’s forecast of a 35 bps rate hike.
The monetary policy committee has continued to retain its ‘Withdrawal of Accommodation’ stance in a 4:6 vote, to arrest inflation under the target 2-6% tolerance band.
India’s retail inflation declined sharply to 6.77% in Oct to a 3-month low, mainly due to easing food prices, yet remaining above RBI’s mandated tolerance band of 2-6% for the 10th consecutive month.
RBI has hiked the repo rate by as much as 190 basis points since May, in attempts to tame soaring inflation that has been staying above the central bank’s upper tolerance limit for over three quarters now.
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what happens in Indian mkt tomorrow??Like 0