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Cheers, concerns about India's rate cut

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Reserve Bank of India Gov. Raghuram Rajan attends a convocation ceremony for students at a university in Mumbai on Jan. 9.   © Reuters

MUMBAI -- It was so sudden. The Reserve Bank of India, the country's central bank, on Jan. 15 convened ahead of the planned Feb. 3 meeting to decide on a cut of its key interest rate.

     The surprise orchestrated by RBI Gov. Raghuram Rajan was welcomed by markets, sending India's benchmark Sensex stock index nearly 3% higher on Jan. 15.

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