Amid trade war, surging oil headwinds, record-low rupee doesn't scare RBI

India’s central bank stared down the rupee’s slide to a record low, opting to keep interest rates unchanged as it flagged risks to the economy from global monetary policy tightening, trade wars and surging oil prices.

In a surprise decision, the monetary policy committee led by Governor Urjit Patel voted 5-1 to leave the repurchase rate at 6.5 per cent on Friday. The decision, which was predicted by just nine of 49 economists in a Bloomberg survey, sparked a selloff in the nation’s currency and stocks.

The Reserve Bank of India’s pause after two hikes since June is in contrast to its