India's central bank holds rates at seven-year low
India's central bank
Mumbai - Egypt Today
India's central bank held interest rates at a seven-year low on Wednesday, citing concerns over inflation and rising oil prices as a reason not to make a further cut.
The Reserve Bank of India (RBI) said the benchmark repo rate -- the level at which it lends to commercial banks -- would remain unchanged at 6.0 percent.
The decision was in line with analysts' expectations.
The RBI said in a statement the decision was consistent with its objective of keeping inflation at around four percent, noting that consumer price inflation hit a seven-month high recently.
Consumer prices rose to 3.58 percent in October from a year earlier, according to official data.
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