3 min read.Updated: 19 Mar 2013, 02:18 PM ISTRenu Kohli
Further lowering of interest rates can be excluded in the near-term
There was little doubt the Reserve Bank of India (RBI) would lower its policy rate at Tuesday’s mid-quarter review. With gross domestic product (GDP) growth of 4.5% last quarter, core inflation below 4%, plummeting auto sales and lack of investment demand, economic spirits were just a bit lifted by the turnaround in export growth last week. The 25 basis points rate cut adds to that. One basis point is one-hundredth of a percentage point.
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