India’s Central Bank Holds Rate, Vows to Curb Volatile Rupee

The Reserve Bank of India kept interest rates unchanged, striking a cautious tone as it monitors the impact of surging oil prices on the economy and pledges to curb any excessive currency moves.

The central bank’s six-member Monetary Policy Committee voted unanimously to keep the benchmark repurchase rate at 5.25%, in line with economist expectations. The policy stance was retained at neutral, indicating the RBI is in a wait-and-watch mode.