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Indian central bank makes third 25-basis point rate cut this year
[MUMBAI] India's central bank cut its policy interest rate by a quarter percentage point on Tuesday, easing policy for a third time this year, in a move that was widely expected as policymakers try to put the improving economy on a firmer footing.
The Reserve Bank of India lowered the repo rate to 7.25 per cent, as predicted by 35 of 48 analysts polled by Reuters.
On Friday, India releas ed data showing its economy outpaced China by growing 7.5 per cent in the March quarter, but many economists suspect a new method used to count gross domestic product overstated the improvement.