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RBI monetary policy review: Highlights

RBI in its monetary policy review meet left interest rates unchanged to support battered rupee.

Written by Reuters | Mumbai | Published: July 30, 2013 1:43:45 pm

The Reserve Bank of India (RBI) in its monetary policy review meet today left interest rates unchanged as it sought to support a battered rupee but said it will roll back recent liquidity tightening measures when stability returns to the currency market,enabling it to resume supporting growth.

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Following are highlights from the monetary policy statement:


* Keeps repo rate unchanged at 7.25 percent.

* Reverse repo remains at 6.25 percent.

* Cash reserve ratio unchanged at 4.00 percent

* Keeps Marginal Standing Facility rate at 10.25 percent.

* Bank rate stands at 10.25 percent.

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* Cash tightening steps to be rolled back in a calibrated manner as stability is restored in forex market

* Can revert to supporting growth with continuing vigil on inflation after reversal of cash tightening steps

* India’s external sector to remain vulnerable to confidence,sentiment in global financial markets

* Says economy’s resilience to shocks eroded as most external vulnerability indicators have deteriorated

* Persisting weakness in industrial growth has heightened risks to GDP growth,despite robust monsoon

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* Cuts India GDP forecast for 2013/14 to 5.5 pct from 5.7 pct earlier

* Objective is to contain wholesale price inflation around 5 pct by March 2014

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