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RBI unexpectedly slashes the key rate by 50bps to 6.75%

FXStreet (Mumbai) - In a surprising move, the Reserve Bank of India (RBI) cut the benchmark repo rate by 50 basis points to 6.75% at its latest Monetary Policy Review meeting on Tuesday. Markets had predicted a 25bps rate cut.

The central bank left the cash reserve ratio (CRR) unchanged at 4%. While the reverse repo rate under the LAF was slashed to 5.75% and the marginal standing facility (MSF) rate and the Bank Rate to 7.75%.

India Reverse Repo Rate fell from previous 6.25% to 5.75%

India Reverse Repo Rate fell from previous 6.25% to 5.75%
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EUR/GBP extends beyond 0.7400, UK data eyed

The upbeat tone in the single currency has helped EUR/GBP to break above the 0.7400 handle once again, currently around 0.7430, or session tops...
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