A drop in the value of India’s rupee has shaken expectations that the new head of the central bank will quickly cut interest rates to stimulate the country’s flagging economy.
The currency has repeatedly hit lows and a 0.7 per cent fall against the dollar on Monday was its biggest one-day dip in nearly two years.
That decline and its implications for inflation have shattered the previously near-uniform consensus among economists that Reserve Bank of India governor Sanjay Malhotra and fellow monetary policy setters will next month cut the benchmark repo rate from 6.5 per cent, the level it has been held at for nearly two years.
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