Dalal Street’s wait for RBI rate cuts just got longer. Here’s what analysts said after MPC outcome

The Reserve Bank of India (RBI) has kept its rates on hold for a second consecutive month despite expectations for a cut. The decision was attributed to concerns over “upside risks” including the potential impact of El Nino on India’s monsoon season and continued monetary tightening by central banks globally. Inflation remains higher than the 4% target and last week Canada’s central bank made an unexpected rate rise. Some market participants noted the pause signalled that the wait for rate cuts could be an extended one.