India's central bank has switched to tightening, delivering a quarter-percentage-point increase as the fallout from the Iran war lifts prices and drags on the national currency. The Reserve Bank of India (RBI) lifted its benchmark repo rate, the rate it charges commercial banks for loans, by 25 basis points to 5.50%, with all six members of its monetary policy committee voting in favour. The move puts India alongside several other central banks that have tightened policy to rein in inflation or prop up their currencies. The RBI had kept rates on hold since the war erupted in February, as it gauged how swings in oil prices would affect the fastest-growing of the world's biggest economies.
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