Reserve Bank of India seen cutting rates next week, first time in 9 months

Reuters : Mumbai, Fri Jan 25 2013, 09:28 hrs

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Subbarao, a hawkish outlier in 2012 when many central banks were cutting rates and putting in place other stimulus measures, was due to meet with Chidambaram for a customary pre-policy discussion on Thursday.

In October, the RBI gave uncharacteristically specific guidance, saying there was a "reasonable likelihood" of policy easing in the January-March quarter. It reiterated the same point in December.

"The earlier guidance given by the RBI and the recent steps taken by the government has led to the expectation of a 25 bps rate cut," said Saugata Bhattacharya, an economist with Axis Bank in Mumbai.

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