(Bloomberg) -- India's central bank left its benchmark overnight lending rate unchanged to support slowing economic growth, judging that five increases in the past year are enough to tame inflation.
Governor Yaga Venugopal Reddy kept the repurchase rate at a five-year high of 7.75 percent, the Reserve Bank of India said in a statement in Mumbai today. The reserve requirement for commercial banks was also maintained at 6.5 percent as Reddy forecast Asia's fourth-largest economy to expand ``around'' 8.5 percent this year from 9.2 percent in the previous year.
Read more at Bloomberg Emerging Markets News
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