India's Central Bank Holds Interest Rate Steady
India's central bank surprised global markets Monday by holding its key interest rate steady at 8 percent as concerns over inflation trumped worries about the nation's slowing economy.
The move to keep the so-called policy repo rate unchanged increases pressure on the government to find a fiscal rather than monetary solution to weakness in Asia's third-largest economy, Reuters said.
The Reserve Bank of India also kept the cash reserve ratio at 4.75 percent.
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