The Governor has taken cognisance of rising US yields, higher oil prices and the need to maintain a tight monetary policy. Liquidity will remain tight and RBI may resort to OMO sales of its Gsec inventory to suck out excess cash. RBI also reiterated that the inflation target is 4% implying that Indian rates will remain higher, may go higher and for longer. In balance, there is nothing for interest rate optimists in this policy from RBI.
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