Like Indonesia, India's central bank may hike rates to defend its currency
Key points
- People walk past Reserve Bank of India signage in front of an installation stall at Global Fintech Fest in Mumbai, India, on Aug.
- 28, 2024. India's central bank may defy expectations that it will leave its benchmark interest rate unchanged during its monetary policy decision meeting on Friday.
- The majority of economists polled by CNBC expect the Reserve Bank of India to keep rates unchanged at 5.25% while signaling a rate hike may only occur towards the end of the year.
- A minority expect policymakers to act at this week's meeting in a bid to anchor the rupee, which has depreciated to record lows against the dollar.
- CNBC conducted a poll of nine economists over the past week, in the run-up to the RBI policy decision.
Quick Summary
People walk past Reserve Bank of India signage in front of an installation stall at Global Fintech Fest in Mumbai, India, on Aug. 28, 2024
Why It Matters
This development is important because it may impact public opinion, policy decisions, and future developments related to Like Indonesia, India's central bank may hike rates to defen.
Key Takeaways
- People walk past Reserve Bank of India signage in front of an installation stall at Global Fintech Fest in Mumbai, India, on Aug.
- India's central bank may defy expectations that it will leave its benchmark interest rate unchanged during its monetary policy decision meeting on Friday.
- The majority of economists polled by CNBC expect the Reserve Bank of India to keep rates unchanged at 5.25% while signaling a rate hike may only occur towards the end of the year.
- A minority expect policymakers to act at this week's meeting in a bid to anchor the rupee, which has depreciated to record lows against the dollar.
- CNBC conducted a poll of nine economists over the past week, in the run-up to the RBI policy decision.
📌 Source: CNBC
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