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The Reserve Bank of India kept interest rates unchanged on Monday after cutting them in each of its previous three policy reviews, warning of upward risks to inflation posed by a falling rupee and increases in food prices.
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The RBI also called for vigilance over global economic uncertainty, citing the risks of a reversal of capital flows from emerging markets. Such outflows would exacerbate the country's high current account deficit.
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As expected, the Reserve Bank left its policy repo rate unchanged at 7.25 per cent and kept the cash reserve ratio (CRR), or the share of deposits banks must keep with the central bank, steady at 4 per cent, despite falling inflation in recent months.
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"It is only a durable receding of inflation that will open up the space for monetary policy to continue to address risks to growth," the Reserve Bank of India said in a statement announcing its mid-quarter policy review.
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The central bank left rates on hold despite headline wholesale price index inflation that fell to 4.7 percent in May, within its comfort zone, as well as an economy that grew at just 5 percent in the fiscal year that ended in March, its weakest in a decade.
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