The Reserve Bank of India (RBI) today announced a 50 basis points hike in the repo rate stepping up its fight against persistently high inflation. The Monetary Policy Committee (MPC) began its three-day meeting on September 28.

The 50 bps increase in the repo rate this week is the fourth consecutive one since May.

The Indian Rupee is a freely floating currency, its exchange rate market determined, said RBI Governor. He added that RBI does not have any exchange rate in mind.

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