<p>Reserve Bank of India, the central bank of the world’s fifth largest economy, raised its policy rate to a four-year high on Wednesday. The repo rate was hiked by 35 basis points in the fifth increase by RBI in this financial year.</p>

<p>The development stamped the earlier expectations by market experts saying that RBI’s Monetary Policy Committee will raise the repo rate by 35 bps to combat inflation that continues to stay above 6 per cent all this year.</p>

<p>Prior to this, the RBI had raised the repo rate by 40 basis points in May and 50 basis points in June, August and September.&nbsp;</p>

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<p>Commenting on India’s economic growth, Shaktikanta Das, Governor, Reserve Bank of India, said that country's economic growth is supported by rural, manufacturing and services sector. He said that the RBI’s GDP growth forecast for the current financial year (FY23) is seen at 6.8 per cent, down&nbsp;from RBI’s previous estimate of 7 per cent.</p>

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<p>Das added that the policy rate remains accommodative and noted that the core inflation is indicating stickiness. The medium term inflation outlook is exposed to global developments and weather, he said.</p>

<p>Addressing the fall in&nbsp;Indian rupee amid prevailing global situations, Das claimed that Rupee&nbsp;has appreciated by 3.2 per cent during April-October in real terms, while other major currencies have depreciated.</p>

<p>"Forex reserves stand at $561.2 billion as on December 2. The size of our forex reserves is comfortable and has increased," Shaktikanta Das said.</p>

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Reserve Bank of India, the central bank of the world’s fifth largest economy, raised its policy rate to a four-year high on Wednesday. The repo rate was hiked by 35 basis points in the fifth increase by RBI in this financial year.

Reserve Bank of India, the central bank of the world’s fifth largest economy, raised its policy rate to a four-year high on Wednesday. The repo rate was hiked by 35 basis points in the fifth increase by RBI in this financial year. The development stamped the earlier expectations by market experts saying that RBI’s Monetary Policy Committee will raise the repo rate by 35 bps to combat inflation that continues to stay above 6 per cent all this year. Prior to this, the RBI had raised the repo rate by 40 basis points in May and 50 basis points in June, August and September. WATCH - India's GDP growth forecast cut to 7%; Inflation, interest rates to hit GDP Commenting on India’s economic growth, Shaktikanta Das, Governor, Reserve Bank of India, said that country's economic growth is supported by rural, manufacturing and services sector. He said that the RBI’s GDP growth forecast for the current financial year (FY23) is seen at 6.8 per cent, down from RBI’s previous estimate of 7 per cent. WATCH - Gravitas: India pushes for trade in rupee × Das added that the policy rate remains accommodative and noted that the core inflation is indicating stickiness. The medium term inflation outlook is exposed to global developments and weather, he said. Addressing the fall in Indian rupee amid prevailing global situations, Das claimed that Rupee has appreciated by 3.2 per cent during April-October in real terms, while other major currencies have depreciated. "Forex reserves stand at $561.2 billion as on December 2. The size of our forex reserves is comfortable and has increased," Shaktikanta Das said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

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India's central bank hikes policy rate, GDP projected at 6.8 per cent in FY23

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