India hikes interest rates to pre-pandemic level

Agence France-Presse

Posted at Aug 05 2022 01:35 PM

The Reserve Bank of India (RBI) logo is displayed on a wall inside the Reserve Bank of India in New Delhi, India, July 8, 2019. EPA-EFE/STR/FILE
The Reserve Bank of India (RBI) logo is displayed on a wall inside the Reserve Bank of India in New Delhi, India, July 8, 2019. EPA-EFE/STR/FILE

MUMBAI, India - 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.

More details to follow.

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