India’s central bank hiked its main interest rate for the first time in more than three years, as the Middle East conflict stokes inflation in Asia’s third-largest economy and batters a weakened rupee.
Reserve Bank of India governor Sanjay Malhotra said the benchmark repurchase rate, the level at which it lends to commercial banks, would be raised by 25 basis points to 5.50 per cent, after a unanimous vote by a six-member panel.
