City
Epaper

RBI hikes repo rate to 6.25%, 5th increase in a row

By IANS | Updated: December 7, 2022 11:20 IST

New Delhi, Dec 7 The Reserve Bank of India's (RBI) monetary policy committee (MPC) on Wednesday hiked the ...

Open in App

New Delhi, Dec 7 The Reserve Bank of India's (RBI) monetary policy committee (MPC) on Wednesday hiked the repo rate by 35 basis points (bps) to 6.25 per cent with immediate effect, Governor Shaktikanta Das announced.

It is the fifth straight rate hike by the central bank in this financial year. Prior to this, the RBI had raised the repo rate by 40 bps in an off-cycle meeting in May and 50 bps in June, August and September.

The MPC raised the retail inflation forecast for October-December 2022 period to 6.6 per cent from 6.5 per cent.

The retail inflation forecast for January-March 2023 period was raised to 5.9 per cent from 5.8 per cent.

The MPC though retained the retail inflation forecast for the first quarter of 2023-24 at 5 per cent and has kept it at 5.4 per cent for the second quarter of FY24.

Striking an optimistic note on the rupee, Das said in his speech that the currency has appreciated by 3.2 per cent during April-October in real terms, even as major currencies have depreciated.

"Rupee should be allowed to find its level," he said.

FDI inflows rose to $22.7 billion in April to October 2022 from $21.3 billion in the corresponding period last year.

Slowing external demand weighing on India's merchandise exports, he noted further.

"Size of our forex reserves is comfortable and has increased and they stand at $561.2 billion as on December 2," Das informed.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: indiaNew DelhiReserve Bank Of IndiaMPCThe finance ministry of indiaMonetary policy committee of the rbiThe new delhi municipal councilDelhi south-westCentral board of reserve bank of indiaReserve bank of india governor
Open in App

Related Stories

InternationalUS Government Shutdown: US Embassy in India’s X Account to Pause Regular Updates Until Full Operations Resume

CricketIND vs PAK 2025 Live Streaming: Head-to-Head Record, When and Where to Watch India vs Pakistan Asia Cup Final

NationalRajnath Singh and Abdeltif Loudiyi Sign MoU on Defence Cooperation; Focus on Counter-Terrorism, Cyber Security, and Maritime Safety (Watch Video)

CricketIND vs PAK 2025 Live Streaming: Head-to-Head Record, When and Where to Watch India vs Pakistan Asia Cup Super 4 Clash

MumbaiNamo Yuva Yatra: Milind Soman Flags Off Campaign in Mumbai, Says ‘Theme of a Drug-Free India Is Very Important’ (Watch Videos)

International Realted Stories

InternationalPM Modi’s warning on illegal immigration rings true as ISI plots Rohingya infiltration into India

InternationalSouth Korea: Ex-Prez Yoon absent from insurrection trial for 13th consecutive session

InternationalOutrage after photos show ex-B'desh minister handcuffed to hospital bed before his death

InternationalIndia, France hold 22nd "Air Staff Talks" to strengthen military cooperation

InternationalIndia rips Pakistan over its hypocrisy on human rights, calls it " a country with worst record"