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RBI Unexpectedly Cuts Its Benchmark Rate By 25bps To 6.25%: 102nd Central Bank Cut Of 2016

The Reserve Bank of India unexpectedly cut interest rates Tuesday, lowering its benchmark repurchase rate by 25bps from 6.50% to 6.25% the lowest in more than 5 years, with just 16 of 39 economists surveyed by Bloomberg predicting a rate cut, and all 11 economists polled by the WSJ predicting rates would remain unchanged. The central bank cited a marked slowdown in global growth and a benign inflation outlook, in the first decision made by the recently-appointed committee headed by the new governor, Urjit Patel.
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