Euro to inr conversion rbi: INR: Unrequited or tough love from RBI?

"The six-member monetary policy committee voted 5-1 for no change with one voting for a 25bp hike. RBI also shifted the official policy stance to “calibrated tightening” from neutral. The vote split was 5-1 in favour of the hawkish bias with one member opting for no change. RBI Governor Patel reiterated this point in the press conference by noting that this essentially means “a rate cut is off the table for now”. This reinforced RBI’s positive growth outlook, unchanged at 7.4% for FY2018-19. RBI sees three key downside risks to growth, they are 1) ongoing trade tensions which will hurt both investor sentiment and investment decisions; 2) high oil prices; and 3) tighter financial conditions both domestically and globally e.g. last week’s spike in US 10Y government bond yield by 17bp to 3.23%."

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