MPC in its fourth bi-monthly meeting of FY18, decided to keep the policy repo rate unchanged at 6.00%, consequently the reverse repo rate remains at 5.75%, MSF and Bank rate at 6.25%. Monetary policy stance remains neutral in consonance with the objective of achieving the medium-term target for CPI inflation of 4% +/- 2%, while supporting growth.
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We had opined in our 3rd August note that RBI is expected to remain on hold in the near term. As expected, RBI has increased its inflation expectation from 3.5-4.5% to 4.2-4.6% in H2FY18, raising the lower end by 70 bps. On plus side, headline CPI is expected at 4.5% in Mar-19, down 10 bps from 4.6% in Mar-18.
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