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India’s RBI hikes rates as inflation pressures build; drops ‘accommodative’ from stance

The Reserve Bank of India’s key interest rate was raised by 50 basis points on Wednesday as widely expected, the second hike in as many months, in a bid to cool persistently high inflation in Asia’s third-largest economy. The central bank also dropped its long-standing phrase that future policy would remain ‘accommodative’, reinforcing expectations of further rate hikes and other forms of tightening in coming months as fighting inflation becomes its main focus. “Upside risks to inflation as highlighted in last policy meetings have materialised earlier than expected,” RBI Governor Shaktikanta Das said after the policy decision.

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