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News Summary: India reduces key interest rate

The Associated Press

TAKING ACTION: India's central bank lowered its key interest rate by a quarter percentage point to 7.5 percent as it tries to revive stalled growth in Asia's third-largest economy.

BALANCING CHOICES: The Reserve Bank of India cited the weakest economic growth in 15 quarters as outweighing fears of inflation. High prices, especially for food, still remain a concern and could limit the bank's scope to reduce the rate much below its current rate.

MEANWHILE: The rate reduction, the second in three months, was overshadowed by India's minority government losing a coalition partner.