India’s central bank hiked interest rates

India’s central bank on Friday 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, reports BSS.

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