India raises interest rate second time
New Delhi - XINHUA
The Reserve Bank of India (RBI) raised repo rate by 0.25 point to 7.75 percent Tuesday, the second time it raised its policy interest rate in two months. The central bank said inflation is likely to remain high for the rest of the fiscal year up to March 2014. It also withdrew an emergency measure to support the falling rupee. "Overall WPI (wholesale price index) inflation is expected to remain higher than current levels through most of the remaining part of the year, warranting an appropriate policy response," RBI governor Raghuram Rajan said.
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