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INDIA:  RBI on Hold, Says Inflation on the Rise. 

INDIA
IndiaEM BulletBulletAPACEmerging Market News
  • The RBI has finally succumbed to the data and revised it’s growth forecast from 7.2% to 6.6% whilst indicating that adverse weather events and geopolitical uncertainty is likely to keep inflation higher than expected.
  • RBI has cut the Cash Reserve Ratio for banks by 50bps, thereby supporting liquidity in the system which has fallen dramatically during the recent period of FX volatility.
  • Governor Das noted that “MPC believes only with durable price stability can strong foundations be secured for high growth.”
  • CPI is above RBI ‘s 4% target and the cash rate has now been on hold for coming up to two years.
  • The 10YR government bond has reacted to the news, with yields up +4bps in early trading to 6.72%.
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  • The RBI has finally succumbed to the data and revised it’s growth forecast from 7.2% to 6.6% whilst indicating that adverse weather events and geopolitical uncertainty is likely to keep inflation higher than expected.
  • RBI has cut the Cash Reserve Ratio for banks by 50bps, thereby supporting liquidity in the system which has fallen dramatically during the recent period of FX volatility.
  • Governor Das noted that “MPC believes only with durable price stability can strong foundations be secured for high growth.”
  • CPI is above RBI ‘s 4% target and the cash rate has now been on hold for coming up to two years.
  • The 10YR government bond has reacted to the news, with yields up +4bps in early trading to 6.72%.