In the statements made by the Reserve Bank of India's monetary policy committee on Thursday, it is anticipated that the repo rate would remain at 6.50 percent. Shaktikanta Das, the governor, is anticipated to stick with his refusal to accommodate.

A halt in the August policy is anticipated, according to an SBI report that was published prior to the statements from the monetary policy meeting.

“Domestically, we believe at 6.50 per cent, we are in for a prolonged pause as seasonality of inflation should taper,” the report stated.

According to the study, there is very little probability that the posture will shift from withdrawal of accommodation to neutral, thus they do not anticipate a change.

Additionally, experts predict that the RBI would maintain its benchmark interest rate at 6.50 percent till the end of March 2024, according to a Reuters poll. The first rate reduction is anticipated to occur in the second quarter of 2024.

According to a survey of 75 analysts, the central bank will likely maintain the repo rate at 6.50 percent at its policy meeting on August 10. The majority of people predict that rates will stay the same until the first quarter of 2024, at which point they will be reduced by 50 basis points by June's end.

Following a unanimous decision, RBI Governor Shaktikanta Das held the repo rate at 6.50 percent for the June policy. In an effort to control inflation, the repo rates had previously been raised cumulatively by 250 basis points starting in May 2022. They were held unchanged at the April meeting as well.

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