The Reserve Bank of India raised its benchmark repo rate by 25 basis points to 5.5%, the first increase since February 2023, and shifted its stance to 'calibrated tightening'. Governor Sanjay Malhotra said rate cuts are off the table near-term as inflation is not benign. The 10-year bond yield hit a near three-year high of 7.24%, and the rupee weakened to 96.84 per dollar.
RBI Raises Repo Rate to 5.5% in First Hike Since 2023
Source: Economic Times