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RBI Governor LIVE: Reserve Bank of India governor Shaktikanta Das today said that the Monetary Policy Committee (MPC) met in an off-cycle meet and hiked interest rate by 40 basis points, taking repo rate to 4.40%. The decision comes at a time when the consumer price inflation (CPI) has been above the central bank’s upper threshold of 6 per cent for the last three months, amid the ongoing Russia-Ukraine war and US Federal Reserve monetary policy tightening. CPI inflation climbed to 6.95 per cent in March while WPI (wholesale price index) inflation touched 14.55 per cent in the same month. Economists and market experts have pointed out that the central bank needs to hike rates by 50 basis points in the upcoming June monetary policy meeting.
Shaktikanta Das’ address comes just ahead of the US Federal Reserve policy meeting, where the Jerome Powell-led FOMC is expected to initiate the rate hike cycle.
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