A few days after the US Federal Reserve hiked interest rates, the RBI may also increase the repo rate by 0.25 to 0.35 percent. According to experts, to control inflation, the central bank may increase the repo rate in the three-day meeting of the Monetary Policy Committee (MPC) starting on August 3. The results will be announced on August 5.
The central bank has already announced a gradual withdrawal of its soft monetary stance. RBI had increased the repo rate by 0.40 percent and 0.50 percent in May and June, respectively. Experts said the central bank will take the repo rate at least to pre-pandemic levels this week.
The MPC will hike the repo rate by 0.35% on August 5, said a BofA Global Research report. One cannot rule out the possibility of an aggressive 0.50% hike in the repo rate or even a softer 0.25%. Bank of Baroda said the Federal Reserve has increased the interest rates by 2.25% in the calendar year 2022. In such a situation, the RBI can also increase the interest rates more than the stipulated time.
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