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Monsoon augurs well for rural demand, RBI rate cut, says BofAML

RBI has cut its inflation forecast to 2.5-3.5% from 4.5% in first half of this fiscal

Press Trust of India  |  New Delhi 

The prospering monsoon signals revival of rural demand and a rate cut by the Reserve Bank on August 2 amid low inflationary pressures, says a report. According to Bank of America Merrill Lynch (BofAML), good rains support the case for a 25 bps RBI rate cut on August 2 and June CPI is expected to slip below 2 per cent with food prices still falling. The report noted that rains are 10 per cent above normal till mid-June, and this, in turn, has pushed up autumn kharif sowing by 6 per cent over last year. "Good rains should revive rural demand, with MSP hikes, farm ...

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First Published: Mon, June 19 2017. 18:05 IST
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