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India raises rates at surprise monetary policy meeting, bond yields spike

05 Tháng Năm 2022
India raises rates at surprise monetary policy meeting, bond yields spike © Reuters. FILE PHOTO: A security guard's reflection is seen next to the logo of the Reserve Bank Of India (RBI) at the RBI headquarters in Mumbai, India, June 6, 2019. REUTERS/Francis Mascarenhas/File Photo

By Swati Bhat and Nupur Anand

MUMBAI (Reuters) -The Reserve Bank of India raised its key lending rate by 40 basis points to 4.40% on Wednesday to rein in rising inflation, catching markets by surprise with an unscheduled meeting of its monetary policy committee.

The central bank also raised banks' cash reserve ratio or proportion of deposits that banks need to set aside with the RBI as cash, by 50 basis points to 4.50% effective fortnight starting May 21, 2022.

Despite the tightening, the MPC also unanimously decided to retain an accommodative stance to support growth.

Governor Shaktikanta Das announced the first change in the repo rate, in two years in a virtual address to media.

"The MPC judged that the inflation outlook warrants an appropriate and timely response through resolute and calibrated steps, to ensure that the second-round effects of supply side shocks on the economy are contained and long-term inflation expectations are kept firmly anchored," Das said.

"The biggest contribution to overall macroeconomic and financial stability as well as sustainable growth would come from our effort to maintain price stability," he added.

The repo rate, the rate at which banks borrow from the RBI, was cut to a record low in May 2020, when the economy was reeling from the onset of the pandemic, and the rate was held unchanged at that level at an MPC meeting last month.

Most analysts had expected rates to be raised at the next scheduled meeting of the six-member panel on June 6-8, and this week's two-day meeting of the MPC caught financial markets unawares. The last time the RBI raised the repo rate was in August 2018.

"RBI felt compelled to act to restore its fast eroding credibility and anchor inflationary expectations," said Ajay Bodke, an independent market analyst.

India's 10-year benchmark bond yield jumped to 7.42%, highest level since May 2019, while the rupee strengthened against the dollar to 76.26.

Several traders said the RBI probably wanted to act ahead of the conclusion of a U.S. Federal Reserve meeting later in the global day. Many analysts expect the Fed to raise rates by 50 basis points.

India's retail inflation accelerated to nearly 7% year-on-year in March, its highest in 17 months and above the upper limit of RBI's 2-6% tolerance band for a third straight month. The RBI's medium term inflation target is 4%.

Das said the spike in inflation was largely due to the pressure on food prices, which were likely to remain high in the near term. April inflation data is due to be released next week.

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25-05-2022 04:37:19 (UTC+7)

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 EUR/USD1.0735↑ Buy
 GBP/USD1.2533↑ Sell
 USD/JPY126.85↑ Sell
 AUD/USD0.7109Neutral
 USD/CAD1.2821↑ Buy
 EUR/JPY136.18Sell
 EUR/CHF1.0313↑ Buy
 Gold1,865.50Buy
 Silver22.115Neutral
 Copper4.3133↑ Buy
 Crude Oil WTI110.26↑ Buy
 Brent Oil111.13↑ Buy
 Natural Gas8.875↑ Buy
 US Coffee C213.83↑ Buy
 Euro Stoxx 503,647.56Neutral
 S&P 5003,941.48Neutral
 DAX13,919.75↑ Sell
 FTSE 1007,484.35Sell
 Hang Seng20,112.10↑ Buy
 Small Cap 20001,768.22↑ Buy
 IBEX 358,631.20↑ Buy
 BASF48.755↑ Buy
 Bayer63.29Neutral
 Allianz197.86Sell
 Adidas171.20Neutral
 Lufthansa6.496↑ Buy
 Siemens AG114.20↑ Buy
 Deutsche Bank AG10.084↑ Sell
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