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India hikes key interest rate to 5.90% amid 'alarming' inflation

RBI lifts benchmark by 50 basis points, Das cites 'spillover' from advanced nations

The Reserve Bank of India, headquartered here in Mumbai, is trying to tamp down inflation.   © Reuters

NEW DELHI -- The Reserve Bank of India on Friday raised its benchmark repo rate by 50 basis points to 5.90%, the fourth hike since May, joining global peers in taking aggressive measures to tackle rising prices against the backdrop of Russia's war in Ukraine.

The central bank's Monetary Policy Committee, which met from Wednesday to Friday, decided by a vote of 5 to 1 to increase the rate with immediate effect, RBI Gov. Shaktikanta Das said in a televised statement.

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