India
Today’s RBI MPC meeting: Repo rate hikes by 35 basis points to 6.25%; FY23 GDP projected to be 6.8%.
The RBI’s Monetary Policy Committee (MPC) today unanimously voted to hike the repo rate by 35 basis points to 6.25%. This is the fifth time since May 2022 that the RBI has raised rates this year.
Lending rates of banks are expected to go up as the cost of funds is expected to rise further. EMIs on vehicle, home and personal loans will also rise.
The MPC also lowered its growth forecast to 6.8 per cent from 7 per cent for the current financial year amid concerns over the “bleak” global economic outlook, and retained its retail inflation forecast at 6.7 per cent.
Weakness in the rupee against the US dollar is adding to inflationary concerns of the RBI. The RBI has already intervened to support the rupee and further rate rises are likely to support the currency and to curtail underlying inflationary pressure.
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