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Indian Central Bank Hikes Rates by More Than Expected, Vows More Tightening

05 Tháng Tám 2022
Indian Central Bank Hikes Rates by More Than Expected, Vows More Tightening © Reuters.

By Ambar Warrick

Investing.com-- The Reserve Bank of India (RBI) hiked its benchmark rate by more than expected on Friday and vowed to further tighten monetary policy, citing a clear threat to economic growth from rising inflation.

In a live address, RBI Governor Shaktikanta Das said the bank had decided to raise rates by 50 basis points to 5.4% from 4.9%. Markets were expecting a hike of 35 basis points.

Das said that a current uptrend in inflation meant that the bank will continue to hike rates until inflation reaches its target range, adding that the bank would do “whatever it takes” to ensure a soft landing from the COVID-19 pandemic.

The USD/INR reacted positively to the hike, rising 0.2% to 79.017.

With Friday’s hike, Indian interest rates are now at pre-pandemic levels, highlighting the extreme economic headwinds faced by the Indian economy from rising food, metal and oil prices earlier this year.

But Das said that a recent decline in global commodity prices was now helping ease some inflationary pressures in the country. Oil and metal prices have fallen considerably from their peaks this year.

The RBI governor said annual inflation is projected at 6.7% in 2022-2023, and is expected to ease further to 5% by the first quarter of 2023. India’s annual CPI inflation rate was 7.03% as of June. The RBI is targeting an annual inflation rate of 4%.

Considering the recent dip in commodity prices, Das forecast that the Indian economy will see real GDP growth of 7.2% in 2022-2023- down from 8.7% in 2021.

The Reserve Bank began hiking rates in May this year, as a spike in oil prices drove the rupee to a record low of over 80.

But the RBI governor attributed weakness in the rupee to headwinds from commodity markets and the U.S. dollar, and said that India’s foreign exchange reserves remained strong.

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11-08-2022 09:51:00 (UTC+7)

EUR/USD

1.0286

-0.0011 (-0.11%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (2)

EUR/USD

1.0286

-0.0011 (-0.11%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

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GBP/USD

1.2188

-0.0037 (-0.31%)

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↑ Sell

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USD/JPY

133.24

+0.38 (+0.28%)

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Buy

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AUD/USD

0.7067

-0.0010 (-0.14%)

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Sell

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USD/CAD

1.2787

+0.0014 (+0.11%)

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EUR/JPY

137.06

+0.24 (+0.18%)

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EUR/CHF

0.9710

+0.0006 (+0.07%)

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3.6395

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8.270

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US Coffee C Futures

220.78

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3,749.35

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S&P 500

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FTSE 100

7,507.11

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19,840.50

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US Small Cap 2000

1,969.25

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8,352.80

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44.445

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 EUR/USD1.0286Neutral
 GBP/USD1.2188↑ Sell
 USD/JPY133.24Buy
 AUD/USD0.7067Sell
 USD/CAD1.2787↑ Buy
 EUR/JPY137.06↑ Buy
 EUR/CHF0.9710Neutral
 Gold1,800.20↑ Sell
 Silver20.453↑ Sell
 Copper3.6395↑ Sell
 Crude Oil WTI91.70↑ Sell
 Brent Oil97.12↑ Sell
 Natural Gas8.270Neutral
 US Coffee C220.78Sell
 Euro Stoxx 503,749.35Sell
 S&P 5004,210.24↑ Buy
 DAX13,700.93Neutral
 FTSE 1007,507.11Sell
 Hang Seng19,840.50↑ Sell
 Small Cap 20001,969.25↑ Buy
 IBEX 358,352.80↑ Buy
 BASF44.445↑ Sell
 Bayer51.90↑ Buy
 Allianz178.50↑ Buy
 Adidas173.36Neutral
 Lufthansa6.611↑ Buy
 Siemens AG109.18↑ Buy
 Deutsche Bank AG8.829Sell
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