RBI likely to hold rates until mid-year, first cut in Q3 2024 – Reuters Poll

The Reserve Bank of India will hold its key interest rate steady at 6.50% on Feb. 8, according to economists polled by Reuters who expected the central bank to keep rates unchanged until at least July, longer than some developed market central banks. After hiking its repo rate by a cumulative 250 basis points – much less than most of its major peers – the RBI has kept it untouched since February 2023 as inflation largely remained within the bank's 2%-6% target range. A few weeks ago, RBI chief Shaktikanta Das expressed confidence current monetary policy could bring inflation back to its 4% medium-term target.