India, Australia put interest rates on hold

Mumbai

THE central banks of India and Australia have kept their interest rates unchanged in the face of economic uncertainty.

India's central bank cited the importance of controlling inflation and noted a slowing growth momentum in Asia's third-largest economy. The Reserve Bank of India (RBI) said that the benchmark repo rate, the level at which it lends to commercial banks, would remain at 6.75 per cent as analysts had expected.

"The Indian economy is currently being viewed as a beacon of stability because of the steady disinflation, a modest current account deficit a…