India Keeps Interest Rates Steady as It Monitors Inflation Drop
- Remonetization, lower interest rates should support consumers
- RBI reduces inflation forecasts for the second half of year
India's Jaitley Says 'Respect' RBI's Rate Jurisdiction
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India kept interest rates unchanged as expected, as the central bank shrugged off slowing growth and vowed to continue to assess whether a drop in inflation to a record low in the $2 trillion economy was transitory.
The Reserve Bank of India, led by Urjit Patel, kept its benchmark repurchase rate at 6.25 percent while maintaining its neutral stance, according to a statement in Mumbai on Wednesday. The move was predicted by all but two of the 50 economists in a Bloomberg survey who expected a cut to 6 percent.