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The Reserve Bank of India raised its benchmark repo rate by 25 basis points to 5.5%, the first hike in nearly four years. The monetary policy stance shifted to "calibrated tightening" from "neutral" amid rising inflation and strong economic growth.
India's overnight indexed swap rates suggest the Reserve Bank of India may implement a larger-than-expected interest rate hike on Wednesday, with swaps pricing in a 25 basis point increase and a modest probability of a 50 basis point move. This potential 'catch-up' hike comes as policymakers grapple with price pressure
Swap pricing in India suggests the Reserve Bank of India may deliver a larger-than-expected interest rate hike on Wednesday due to persistent price pressures and surging global yields. A 50 basis point increase is seen as a possibility, though most economists polled by Reuters anticipate a 25 basis point hike.
Reuters poll shows 35 of 61 economists expect the Reserve Bank of India to raise its repo rate to 5.50% at its Oct. 5-7 meeting. The case is being driven by broadening inflation, near-8% April-June growth and tighter global rate settings.
Nearly half of India's inflation basket categories now rise 4% or more year on year, while 38 of 61 economists in a Reuters poll expect a 25-basis-point RBI hike on Oct. 5-7.
Reuters preview says the rupee and government bonds are likely to stay under pressure in a holiday-shortened week. Traders are watching elevated oil prices, multi-year-high global yields and expectations for an RBI rate hike next week.
(Updates post market open) By Jaspreet Kalra MUMBAI, Sept 18(Reuters) — The Indian rupee traded modestly higher on Friday, steadied by portfolio inflows and lower oil prices, but was on track for a weekly decline as investors assessed the outlook for domestic interest rates after a week of global central bank decisions