India Raises Interest Rate to 5.4 Percent, in 3rd Hike Since May

NEW DELHI—India’s central bank on Friday raised its key interest rate by 50 basis points to 5.4 percent in its third such hike since May as it focuses on containing inflation.
Reserve Bank of India Governor Shaktikanta Das projected inflation at 6.7 percent in this financial year. June was the sixth consecutive month with inflation above the central bank’s tolerance level of 6 percent, he said in a statement after a meeting of the bank’s monitoring committee.
The committee decided “to remain focused on the withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth,” he said….

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