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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World India unexpectedly hikes rates a quarter point By ERIKA KINETZ,AP Business Writer - 2 hours 24 minutes ago Send IM Story Print MUMBAI, India – India's central bank has unexpectedly hiked key interest rates a quarter of a percentage point, as the bank tries to cool high inflation amid a faster-than-expected economic rebound. The bank raised the benchmark repo rate _ at which the central bank makes short-term loans to commercial banks _ to 5 percent and raised the reverse repurchase rate _ the rate at which it borrows from commercial banks _ to 3.5 percent, with immediate effect. "These measures should anchor inflationary expectations and contain inflation going forward," the Reserve Bank of India said in a statement after trading hours Friday. "As liquidity in the banking system will remain adequate, credit expansion for sustaining the recovery will not be affected." Most economists had expected a rate hike, but not until the bank's scheduled policy meeting on April 20. The bank said robust growth in manufacturing, a revival of investment, expanding exports and increasing bank credit gave it confidence that economic growth is consolidating. Inflation, however, has become a growing concern. Headline Wholesale Price Index inflation for February was 9.9 percent, higher than the bank expected, and inflation is spreading from drought-induced high food prices into other sectors of the economy, like manufactured goods. "With rising demand side pressures, there is risk that WPI inflation may cross double digits in March 2010," the bank said. This is the bank's first rate hike since it began implementing aggressive monetary stimulus measures in the wake of the global financial crisis. Beginning in September 2008, the Reserve Bank cut the benchmark repo rate from 9 percent to 4.75 percent, and slashed the reverse repurchase rate from 6 percent to 3.25 percent. It also cut the cash reserve ratio _ the amount of cash banks must keep on hand _ by 4 percentage points. The bank began to unwind that stimulus in January, by raising cash reserve requirements three-quarters of a percentage point, to 5.75 percent. Recommend Send IM Story Print Related Articles Pakistani c.bank buys 62.15 bln rupees of govt paper Reuters - 1 hour 57 minutes ago Indonesia to unlock some areas for foreign investment Reuters - 2 hours 1 minute ago India unexpectedly hikes rates a quarter point AP - 2 hours 24 minutes ago Bank of China shareholders approve fundraising plan Reuters - Saturday, March 20 TABLE-Bangladesh key economic indicators - March 20 Reuters - Saturday, March 20 News Search Top Stories 'Red Shirts' take to streets to win over Thai capital British boy receives pioneering stem cell surgery US tanker bid war heats up with Airbus, Russia in wings Hollywood stars help prevent suicide after Twitter alert German tax authorities probe Credit Suisse clients, staff More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended McLaren launches new supercar US children get Playboy, not Bugs Bunny in cable mixup Bullock cancels London trip, film premiere called off Japan celebrates defeat of bluefin tuna trade ban Hollywood stars help prevent suicide after Twitter alert More Most Viewed » Chile quake moved Earth's axis, shortened days: scientist Experts confirm asteroid wiped out the dinosaurs 'Britain's Fritzl' raped daughters for over 25yrs Researchers back cancer-fighting properties of papaya Common weed-killer chemically castrates frogs: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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