The RBI today kept repo rate unchanged at 6.5%. The top management of the RBI will later interact with the media after the announcement of the monetary policy.
The RBI was widely expected to increase repo rate by 25 basis points to 6.75% in view of the falling rupee. According to a Mint survey of 15 economists, 14 expected RBI to raise repo rate, the rate at which it lends to commercial banks, to 6.75%. Only one economist expected a 50-basis-point hike.
