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Economy

India unexpectedly hikes key rate in off-cycle meeting

Reserve Bank of India raises benchmark by 40 bps to 4.40% in bid to stem inflation

The Reserve Bank of India unexpectedly raised rates on Wednesday.   © Reuters

NEW DELHI -- In an off-cycle policy meeting, the Reserve Bank of India on Wednesday hiked its repo rate by 40 basis points to 4.40% as inflation stemming from the Ukraine war continues to rise.

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