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Strategies & Market Trends : India Stocks

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From: Julius Wong	7/29/2008 7:23:05 AM
	of 2517

India Raises Rate More Than Expected to Tame Prices (Update2) By Cherian Thomas July 29 (Bloomberg) -- India's central bank increased its benchmark interest rate by a half point, more than economists predicted, and forecast slowing economic growth as inflation at a 13-year high erodes spending by consumers and companies. The Reserve Bank of India raised its repurchase rate to 9 percent from 8.5 percent, the third increase in two months, according to a statement in Mumbai today. Governor Yaga Venugopal Reddy, scheduled to retire in September, also raised the cash reserve ratio to 9 percent from 8.75 percent. bloomberg.com

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