INQUIRER.net: India keeps interest rates on hold but rupee further sinks

INQUIRER.net Philippine News for Filipinos

India keeps interest rates on hold but rupee further sinks Jul 30th 2013, 22:29 MUMBAI—India's central bank kept benchmark interest rates unchanged Tuesday as part of its struggle to prop up the battered rupee but the currency weakened further to hover just above a lifetime low.   Deciding against a rate cut, the Reserve Bank of India (RBI) made it clear its key priority right now is to support the rupee at the expense of spurring an economy that has been expanding at its weakest level in a decade.   India has been forced to "address external sector concerns," the bank said, as it announced it would keep its main lending rate to commercial banks—the repo—unchanged at 7.25 percent.   The RBI cut its forecast for economic gro... Keep on reading: India keeps interest rates on hold but rupee further sinks Media files: India-central-bank.jpg (image/jpeg)

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