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Rajan holds India rate, rebuffing pressure from government

Mr Rajan wants to ensure his inflation target of 6% by January isn't at risk from surging food prices, a poor monsoon and a possible increase in US interest rates next month.


INDIAN central bank governor Raghuram Rajan kept interest rates unchanged, rebuffing pressure from the Finance Ministry to reduce borrowing costs that are among the highest in Asia.

Mr Rajan left the benchmark repurchase rate at 7.25 per cent after three cuts this year,...

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