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RBI Hikes Repo Rate by 25 Basis Points to 6.5%, Home Loans May Get Costlier

In June, the repo rate , or the benchmark lending rate, was raised for the first time in over four years, by 25 basis points to 6.25 percent.

Reuters

Updated:August 1, 2018, 2:55 PM IST
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RBI Hikes Repo Rate by 25 Basis Points to 6.5%, Home Loans May Get Costlier
Reserve Bank of India (RBI) head office in Mumbai. (Image: Reuters)
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New Delhi: The Reserve Bank of India on Wednesday raised its policy repo rate as expected for the second straight meeting, citing inflation concerns but retained its "neutral" stance.

The reverse repo rate was also raised by 25 basis points, to 6.25 percent.​

In June, the repo rate , or the benchmark lending rate, was raised for the first time in over four years, by 25 basis points to 6.25 percent.

The annual consumer inflation hit 5 percent in June, the eighth straight month it topped the RBI's medium-term 4 percent target.

Global crude oil prices have surged nearly 20 percent this year and crossed $80 a barrel in May, their highest since 2014.

This has driven the prices of fuel — the biggest item on India's import bill — to record highs at a time the rupee is testing new life lows, raising the threat of imported inflation.​

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| Edited by: Ahona Sengupta
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