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India reluctantly holds rates steady despite softer economic reading

Concerns over prices, capital flight outweigh need for stimulus

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Reserve Bank of India Gov. Urjit Patel speaking Wednesday to reporters.   © Reuters

MUMBAI -- Even with the economic pain exacted by the surprise ban on high-denomination bank notes last month, the Reserve Bank of India passed on a rate cut Wednesday, citing the capital exodus spurred by speculation over a U.S. rate increase.

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