India Unexpectedly Raises Rates; Trims Rupee Support Steps

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India Unexpectedly Raises Rates; Trims Rupee Support Steps

Wochit 0:45 mins

Reserve Bank of India Governor Raghuram Rajan surprised markets in his maiden policy review by raising interest rates to ward off rising inflation, while scaling back some of the emergency measures recently put in place to support the ailing rupee. Rajan, who took office early this month amid India's worst economic crisis since 1991, increased the RBI's policy repo rate by 25 basis points to 7.50 percent, defying most forecasts that he would leave the rate on hold to bolster a sluggish economy. India's finance minister cites multiple factors for India's problems

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