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Rajan keeps policy rate on hold at last RBI review

The decision had been expected after retail inflation rose to 5.77% in June, near the top of the RBI's 2-6% range, and above its target of 5% by March next year

Reuters  |  Mumbai 

Reserve Bank of India governor Raghuram Rajan on Tuesday kept the repo rate unchanged at 6.50% at his final policy review after inflation hit a nearly two-year high, but said the policy stance remains "accommodative." The decision had been widely expected after consumer inflation accelerated to 5.77% in June, near the top of the RBI's 2-6% range, and above its target of 5% by March next year. The much admired former International Monetary Fund chief economist is due to step down on September 4 after a three-year term to return to academia and family living in the ...

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First Published: Tue, August 09 2016. 11:18 IST
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