Mumbai, 30th September 2022: Mumbai, 30th September 2022: Continuing with its response to curb inflation and control liquidity while responding to various external economic factors, the Reserve Bank of India’s (RBI) six-member Monetary Policy Committee (MPC) has announced a hike in the policy repo rate by 50 basis points taking it to 5.90 percent. This is the fourth consecutive hike since May this year.
Although the RBI has managed to bring down the Consumer Price Inflation (CPI) index from its highly elevated levels, it is still above the targeted threshold. With improved credit conditions boosting demand, the supply-side issues and evolving geo-political tensions around the globe can be primarily attributed to this hike. Rupee depreciated in an orderly manner against dollar. Rupee has performed much better than reserve currencies, EM currencies. The recent interest rate hike by the US Federal Reserve and developments in the forex market prompted a rate hike of 50 basis points. Further, with banking liquidity temporarily venturing into the deficit zone, the RBI is looking to support the market through interest rate hikes.
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