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India's central bank cuts interest rates

  • In an unexpected move, India’s central bank has cut interest rates to 7.75%.

    The Reserve Bank of India (RBI) said a “sharper-than-expected decline” in fruit and vegetable prices was among the reasons for the cut in the rate, which has been steady at 8% for a year.

    The other reasons cited by the bank, included falling oil prices.

    The 25 basis point reduction in interest rates may gave a boost to the Indian economy, which is confronting a slowdown.

     

    Tagged as: India, central bank, interest rates, RBI, prices, oil prices, Indian economy, business news