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India hikes interest rates to pre-pandemic level


India hikes interest rates to pre-pandemic level

India's central bank on Friday (Aug 5) hiked interest rates for a third-consecutive time, as Asia's third-largest economy contends with a widening trade deficit and weakening currency.

The Reserve Bank of India's rate-setting committee raised its key lending rate by 50 basis points to 5.40 percent – a level last seen in August 2019 – three months after kicking off a monetary tightening cycle in May.

(Compiled)

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