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Indian central bank surprises with bigger-than-forecast rate cut

Wednesday, September 30, 2015 - 05:50
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Mr Rajan, who lowered the repurchase rate by half a point to 6.75 per cent, also relaxed curbs on foreign ownership of its debt, giving global funds increased access to Asia's best-performing bonds.

Mumbai

INDIAN central bank governor Raghuram Rajan built on his record of surprises with policy decisions on Tuesday, taking advantage of a rout in commodity prices to lower borrowing costs by more than forecast.

Mr Rajan, who unleashed emergency measures to prop up the rupee days