ANI
07 Jun 2023, 09:48 GMT+10
New Delhi [India], June 7 (ANI): Indian stock indices traded marginally higher on Wednesday morning but the investors' focus remains on the Reserve Bank of India's (RBI) decision at the ongoing bi-monthly monetary policy review.
Benchmark Sensex and Nifty traded 0.3 per cent higher each at the time of writing this report.
Investors are waiting for the policy outcome of the meeting, headed by RBI governor Shaktikanta Das, to be announced Thursday morning. A majority of analysts expect the RBI will continue to keep the repo rate unchanged at 6.5 per cent.
A consistent decline in inflation (currently at an 18-month low) and its potential for further decline may prompt the central bank to put the brake on the rate again. RBI's consistent monetary policy tightening since mid-2022 could be attributed to the substantial decline in inflation numbers in the country.
The RBI in its April meeting paused the repo rate.
Barring the April pause, the RBI raised the repo rate by 250 basis points cumulatively to 6.5 per cent since May 2022 in the fight against inflation.
Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline.
Besides putting a brake on the interest, the RBI may also give a fresh outlook on growth and inflation 2023-24 after GDP numbers for 2022-23 came above estimated figures.
As per the provisional estimates released by the National Statistical Office (NSO) recently, real GDP growth for 2022-23 stood at 7.2 per cent, higher than the 7 per cent projected. (ANI)Get a daily dose of Leeds Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Leeds Times.
More InformationDUBLIN, Ireland: A marine safety watchdog has urged the Minister for Transport to consider deploying gardai, naval officers, and harbor...
DUBLIN, Ireland: A record number of Ireland's beaches and marinas have been awarded the prestigious Blue Flag for the 2025 bathing...
STOCKHOLM, Sweden: Apple has blocked access to the popular video game Fortnite on iPhones in the United States and through Epic Games'...
MOSCOW, Russia: Russia has sentenced a 33-year-old Australian man to 13 years in a high-security prison for fighting with Ukrainian...
PARIS, France: Richemont, the owner of luxury brands Cartier and Van Cleef & Arpels, posted a stronger-than-expected seven percent...
STOCKHOLM, Sweden: Sweden plans to propose that the European Union join the Pacific Rim trading bloc, the CPTPP, aiming to create the...
NEW YORK CITY, New York: A federal judge has decided to take control of New York's Rikers Island jail away from city officials due...
KATHMANDU, Nepal: An Indian climber and a Filipino climber were the first to die on Mount Everest during the current climbing season...
MOSCOW, Russia: Russia has sentenced a 33-year-old Australian man to 13 years in a high-security prison for fighting with Ukrainian...
ALMATY, Tajikistan: Tajikistan has officially removed criminal liability for liking social media posts that the government deems extremist,...
SACRAMENTO, California: California Governor Gavin Newsom has proposed cutting back a free healthcare program for low-income undocumented...
DETROIT, Michigan: The FBI has arrested a 19-year-old man from Michigan, Ammar Abdulmajid-Mohamed Said, for allegedly planning a mass...