RBI likely to up inflation projection in June, mull more rate hikes: Report

The central bank raised the repo rate by 40 basis points to 4.40% following a emergency meeting earlier this month.

India's central bank is likely to raise its inflation projection for the current fiscal year at its June monetary policy meeting and will consider more interest rate hikes, a source aware of the development said on Wednesday.

In its first rate move in two years and its first hike in nearly four, the Reserve Bank of India (RBI) raised the repo rate by 40 basis points (bps) to 4.40% following a emergency meeting earlier this month.

In April, RBI raised its inflation forecast for the current fiscal year to 5.7%, 120 bps above its forecast in February, while cutting its economic growth