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Strategies & Market Trends : India Stocks
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From: Julius Wong12/6/2008 5:35:20 PM
   of 2517
 
India Cuts Interest Rates After Terrorist Attacks (Update2)
By Cherian Thomas and Anoop Agrawal

Dec. 6 (Bloomberg) -- India’s central bank cut interest rates for the third time in less than two months after last week’s terror attacks shook investor confidence in an economy already weakened by a global recession.

The Reserve Bank of India reduced its repurchase rate to 6.5 percent from 7.5 percent, Governor Duvvuri Subbarao told reporters in Mumbai. The bank also cut the reverse repurchase rate at which it borrows overnight to 5 percent from 6 percent. The cut in the reverse repurchase rate was the first since 2003.

bloomberg.com
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