India’s rate setters wanted to stay cautious as volatile food prices lent uncertainty to the overall inflation trajectory and did not want to confuse investors by changing policy stance just yet, the minutes of the monetary policy meeting showed Friday.
The Reserve Bank of India’s six-member monetary policy committee unanimously voted to pause for the fifth straight review and retained the stance on “withdrawal of accommodation,” indicating rates may remain higher for longer.
Read More : India’s Rate Panel Leans Towards Tighter Control on Inflation, Reveals Meeting Minutes