On August 8, the Reserve Bank of India kept its benchmark interest rate unchanged at its policy meeting for the ninth time in a row on Thursday as inflation remained above target. Four of the six members of the Reserve Bank of India's Monetary Policy Committee voted to keep the benchmark repurchase rate unchanged at 6.5%. All but one of the 43 economists surveyed had predicted that it would remain unchanged. The Reserve Bank of India's Monetary Policy Committee also decided to maintain a relatively hawkish policy stance. India's inflation rate rose to 5.08% in June, more than 1 percentage point higher than the central bank's target level of 4%. Rising food prices have complicated the timing of rate cuts. Reserve Bank of India Governor Shaktikanta Das previously warned against premature rate cuts. Economists expect the Reserve Bank of India to cut interest rates in the fourth quarter of this year and will only act after the Federal Reserve cuts interest rates. (Jinshi)

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