Science

RBI keeps repo rate unchanged at six per cent

RBI keeps repo rate unchanged at six per cent

The RBI has also left the reverse repo rate under the LAF unchanged at 5.75 per cent and marginal standing facility (MSF) rate and the Bank Rate at 6.25 per cent.

Similarly, the NSE Nifty was trading lower by 78.70 points, or 0.77 per cent, at 10,039.55.

"Going forward, the inflation path will be influenced by several factors", it said in the Fifth Bi-Monthly Monetary Policy Review unveiled today, keeping the key policy or the repo rate unchanged at 6 per cent.

Mumbai: The Reserve Bank on Wednesday retained economic growth projection for 2017-18 at 6.7 per cent saying that the risks are evenly balanced. It is expected that the policy rates will be kept at 6 per cent, which is the lowest since November 2010.

The monetary policy committee held discussions for two days.

I think the message to the market is clear that for a central bank, which is mandated to target inflation, when inflation is rising they will be probably taking pre-emptive actions and when inflation is falling they will be probably taking reactive action.

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The minutes of the MPC's October meeting showed that one member, RBI executive director Michael Patra, called for the rate-setting panel to be prepared to raise rates in the coming months should inflation pressures harden.

Since the last policy in early October, inflation as measured by the Consumer Price Index has accelerated, inching closer to the 4% mark, which is the central bank's medium-term target.

"I don't see a reason why RBI would cut rates in the next meeting in February unless something substantial changes".

Repo rate is the rate at which banks the RBI lends to other banks and is considered the key policy rate. Plus, the recovery in economic growth, after a five-quarter sliding trend, will also weigh on the RBI.

"Against this backdrop, we expect the RBI to refrain from further rate cuts this week and for rest of FY18", said Radhika Rao, India economist at DBS Bank.

On the positive side, RBI said there has been some pick up in credit growth in recent months.


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