BUSINESS STANDARD POLICY POLL
The Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) is likely to announce a 35-basis point (bp) hike in the repo rate on December 7, in a bid to bring headline retail inflation back to its 4 per cent target, a Business Standard poll showed.
The MPC's next meeting is scheduled from December 5-7. Since May 4, 2022, the MPC has raised the repo rate by a total of 190 basis points to 5.90 per cent. The past three rate hikes have each been in tranches of 50 basis points.
According to a poll comprising 10 respondents, the MPC is seen increasing the repo rate by 35 basis points in the upcoming meeting, taking the benchmark policy rate to 6.25 per cent. Both median and mode of the poll showed a rate hike of 35 bps.
Six of the 10 respondents expected a 35-bp hike, while two provided a range of 25-35 bps. One respondent predicted a 25-bp hike. Only one respondent forecast a tightening greater than 35 bps. If the MPC were to raise the repo rate by 35 bps to 6.25 per cent, it would mark the highest level for the policy rate since February 2019.
This story is from the November 28, 2022 edition of Business Standard.
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This story is from the November 28, 2022 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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