The Reserve Bank of India’s (RBI’s) decision to cut the repo rate by a larger-than-expected 50bps (to 5.50%) while also changing its policy stance from “accommodative” to “neutral” today are clear indications that it has frontloaded the remainder of the easing cycle, which is now at an end. In all, the repo rate has been trimmed by 100bps in this cycle, in line with our long-held, dovish view.
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