................RBI has time and again acted against market expectations. India’s central bank has either raised rates sharply or cut rates sharply even as markets were expecting moderation. RBI’s focus has shifted continuously with the Rupee (INR) being the primary focus now while growth and inflation have taken a back seat. The INR trading at all time lows has prompted the RBI to curb speculation and put on hold monetary easing that is necessary for the country’s growth. RBI’s focus could change suddenly if the threat to growth is high. Bond markets in India have always lost when trying to double guess RBI’s policy moves.............
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