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RBI hikes repo rate by 50 basis points to 4.9%

The monetary policy committee (MPC), whose three-day marathon meeting concluded this morning, unanimously voted to increase the policy repo rate by 50 basis points to 4.90 per cent from 4,40 per cent.

RBI hikes repo rate by 50 basis points, pegs inflation at 6.7% & eco growth at 7%
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RBI hikes repo rate by 50 basis points, pegs inflation at 6.7% & eco growth at 7%

Mumbai, June 08 The monetary policy committee (MPC), whose three-day marathon meeting concluded this morning, unanimously voted to increase the policy repo rate by 50 basis points to 4.90 per cent from 4,40 per cent.

The MPC voted unanimously to remain focussed on withdrawal of accommodation while supporting growth.

RBI retained FY23 GDP growth forecast at 7.2 per cent.

The RBI Governor, Dr Shaktikanta Das said that the real GDP growth seen at 7.2 per cent in the current fiscal year. He also observed that real GDP growth seen at 4.1 per cent in Q3 and 4 per cent in Q4.

The apex bank estimates GDP FY 23 at 7.2 per cent, whereas GDP estimates for all the quarters of current fiscal have been kept unchanged.

Benchmark bond yield extends rise to the highest level since March 15th, 2019, now at 7.56 per cent vs 7.52 per cent in the previous close.

RBI increased FY23 CPI inflation forecast to 6.7 per cent from 5.7 per cent.

At the same time, RBI hiked retail inflation to 6.7 per cent for FY23 from 5.7 per cent earlier.

RBI Governor said CPI inflation seen at 6.7 per cent in the current fiscal. It is to be noted that the RBI governor, had said in an interview on had said on May 23, that expectations of a rate hike are a no-brainer as inflation is a major area of concern even as economic recovery is steady and gaining further traction.

Kumud Das
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