The RBI's monetary policy committee (MPC) as expected, maintained status quo on rates in August policy. It kept the repo rate and reverse repo rate unchanged at 4% and 3.35% respectively as inflation surprised on upside. RBI has already cut interest rates by 115 basis points this year, taking the repo rate down to the lowest since it was introduced in 2000. The RBI Governor noted that there was further space for some rate cuts but he indicated that the pace of rate cuts as well quantum of cuts are likely to be lower in the future. Mutual fund managers ask investors to be wary.
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