RBI MPC Leaves Repo Rate Unchanged at 6.5%, Holds Accommodation Withdrawal

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RBI MPC Leaves Repo Rate Unchanged at 6.5%, Holds Accommodation Withdrawal
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The Monetary Policy Committee (MPC) of RBI left the repo rate unchanged at 6.5% on June 8, 2023, for the second time in a row, at the second bi-monthly monetary policy meeting of the financial year 2023-24. 

The central bank’s benchmark rate-setting panel has unanimously voted to leave the repo rate unchanged at 6.5%, said RBI Governor Shaktikanta Das.

The monetary policy committee shall remain focused on the ‘Withdrawal of Accommodation’ stance to tackle inflation. It shall not hesitate to take further action as required in future meetings, clarified the RBI Governor.

Since May 2022, RBI MPC has hiked the benchmark interest rate six times to a size of 250 basis points. 

The central bank’s decision on Thursday is in line with Investing.com's forecast of the repo rate remaining at 6.5% at the June policy meeting.

Indian equity benchmark indices remained largely steady following the MPC policy decision. Nifty50 and Sensex gained 0.22% to 18,767.95 levels and Sensex added 131.71 points or 0.21% at 10:54 am.

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