NEW DELHI: The Reserve Bank of India has hiked the repo rate by 50 basis points. This is the third such increase in the past four months. RBI has been trying to tame the spiraling inflation which has been in the north of the permissible 6 percent limit. In the previous two months, RBI has upped the repo rate by 40 basis points and 50 basis points respectively.
Ahead of the RBI announcement, the country’s market showed an upward trend. The NSE Nifty 50 index was up 0.23% at 17,421.35, as of 0346 GMT, and the S&P BSE Sensex rose 0.21% to 58,418.86.