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India's Central Bank Keeps Key Rates Unchanged

Tuesday, July 30, 2013
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Mumbai: India's central bank left all key policy rates unchanged in a bid to keep the currency markets calm and mindful of the sharp depreciation of the rupee in recent weeks, while conceding that risks to growth have increased and retail inflation remains high.

The repurchase, or the repo rate, which is the interest the Reserve Bank of India (RBI) pays for borrowings from commercial banks, has been left unchanged at 7.25 percent, so has the reverse repo, or short-term lending rate, which is at 6.25 percent.

The cash reserve ratio (CRR), or the share of deposits banks must keep with the central bank, is also maintained at 4 percent.

The decisions were taken in the first quarter review of the bank's monetary policy for the current fiscal, conducted by RBI Governor D. Subbarao.

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Source: IANS
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