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India's central bank raises key rate to 4.90% in 'no brainer' move

RBI attempts to curb 'steep' inflation, pinning blame on Ukraine war

The Reserve Bank of India has increased its key rate for the second time in a little over a month as inflation mounts.   © Reuters

NEW DELHI -- The Reserve Bank of India on Wednesday raised its benchmark repo rate by 50 basis points to 4.90%, the second hike in just over a month, as the central bank attempts to rein in soaring prices.

Summing up the RBI's three-day meeting, Gov. Shaktikanta Das said the bank's monetary policy committee voted unanimously to increase the rate "based on an assessment of the macroeconomic situation and the outlook."

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