Ahead of the Reserve Bank of India (RBI) policy today, there is little hope of a cut in the key policy rates from the apex bank in its first bi-monthly monetary policy for the new fiscal 2018-19, owing to hardening global crude oil prices.
The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urijit Patel, will today announce its first bi-monthly monetary policy today, after its meeting on April 4 and 5 in Mumbai.
RBI has maintained status-quo on the key short-term borrowing rate or repo rate in its last three policy meets.
Earlier on February 7, the MPC had kept the policy rate stable at six percent with a neutral stance.
Also, the reverse repo rate remained unchanged at 5.75 percent.
The benchmark lending rate was reduced by 0.25 percentage points to six percent last August, bringing it to a six-year low.
The apex bank is expected to target key concerns such as high global crude prices, inflation, and rising bond yields, among other things.(Minimal edits applied, story generated from syndicated ANI feed)