11 Jun 08 Reserve Bank (RBI) raises repo rate to 8%

The Reserve Bank of India (RBI) today went ahead and hiked key short term interest rates. The repo rate was raised to 8% from 7.75%. Repo rate is the rate at which RBI lends money to other banks. With a hike in the repo rates, RBI is trying to get banks to increase interest rates to decrease the liquidity in the banking system. Lower liquidity will help ease decrease the inflation rate since people will hold back their purchase plans of non essential goods and services. The Inflation rates will be annnounced tomorrow and will be watched closely by everyone. The same will be updated over here.

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