Defying govt, RBI leaves interest rates unchanged at 8%

The Reserve Bank of India left interest rates on hold on Tuesday but cut the cash reserve ratio for banks, defying pressure from the government to lower rates for the first time since April but also indicating it may soon ease policy further. While the decision to leave the policy repo rate unchanged at 8.00 percent was in line with forecasts, expectations for a rate cut had grown after India's finance minister on Monday outlined a plan to trim the country's hefty fiscal deficit.......

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