Sanjay Malhotra says RBI rates likely to stay, inflation checked
Reserve Bank of India (RBI) Governor Sanjay Malhotra just signaled that interest rates are likely to stay put for now, saying inflation is "more or less under check."
At a Mumbai banking event on Tuesday, he pointed to strong economic growth and solid foreign exchange reserves as good signs for the economy.
This comes right before July's inflation numbers drop, with economists expecting a 4.4% increase.
RBI trims inflation forecast to 5%
The RBI has kept its key interest rate unchanged for the fourth straight meeting, noting that inflation pressures are pretty muted.
It has also trimmed its inflation forecast for the year through March to 5%, comfortably within its target range of 2% to 6%.
While some other countries are tightening up policies, the RBI is not rushing, seeing recent global events as temporary blips unless they turn into bigger risks.