After the federal, look at the meeting of the Reserve Bank of India next week

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Mumbai: After the 75 basis point increase in the interest rate by the American Federal Reserve, the market is now looking at the meeting of the Reserve Bank of India's Monetary Policy Committee (MPC) which is being held next week.

With August inflation rising again in the country, the pressure on the Reserve Bank to increase the interest rate has increased. The RBI's concern over inflation has increased with the rupee collapsing against the dollar on Thursday and hitting new lows.

Due to the uncertainty of monsoon in the current year in the country, it is estimated that there will be a decrease in Kharif production, especially rice production. In such a situation, food prices may go up.

India's economic growth rate estimates for the current financial year are being lowered by various rating agencies in view of high inflation.

Analysts are expecting that the RBI will increase the repo rate by 35 to 50 basis points in the monetary policy review meeting on September 28 to 30.

Recent measures taken to curb inflation are seen as falling short. August retail inflation has come to 7 percent as compared to 6.71 in July. September inflation is estimated to rise to 7.40 percent.

In spite of high inflation on one hand and weak economic growth rate on the other hand, Reserve Bank will give importance to measures to control inflation, it was stated earlier in a report by Nomura. Since May of the current year, the Reserve Bank has increased the repo rate by 140 basis points to 5.40 percent.

After increasing the interest rate by 75 basis points in the Federal Open Market Committee meeting which ended yesterday, there are indications to continue this increase going forward.

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