India's central bank cut interest rate by 50 bsp

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Source: Reuters
India's central bank unexpectedly reduced its interest rate by 50 basis points instead of 25 basis points widely projected.  It is the first interest rate cut in the last three years. The move is intended to boost sluggish economic growth of the country as GDP expansion in Q1 slowed to three-year low of 6.1%. The RBI also warned there is very limited room for further cuts as inflationary pressure is strong.


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