....In our view, RBI will continue to watch economic indicators to determine the trajectory of inflation and steps taken by the government to control fiscal deficit before deciding on rate cuts. Currently, the CPI (inflation), a measure of consumer prices, is approximately (at) 10 per cent. If we have a poor monsoon this year, it could result in higher food prices, translating into higher inflation. Hence, most market participants don’t expect RBI to cut rates in July at this point. As far as other central banks are concerned, monetary policies continue to observe deteriorating growth in their respective economies and are repositioning themselves for a loose monetary policy.......
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