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India's central bank slowed the pace of interest rate hikes on Wednesday but warned that core inflation in the world's fifth-biggest economy remained stubbornly high.
Central banks around the world yanked up borrowing costs last year to arrest soaring prices due to the Ukraine war, but many have now slowed the pace of rate hikes as inflation cools.
The Reserve Bank of India (RBI) on Wednesday raised the benchmark repurchase rate by 25 basis points to 6.5 percent, the sixth and smallest increase since May when it stood at 4.0 percent. IMAGES