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04

Rajan Holds India Rate, Rebuffing Pressure From Government

By Tony Seruga

Raghuram Rajan, governor of the Reserve Bank of India (RBI), pauses during a news conference.

Raghuram Rajan, governor of the Reserve Bank of India (RBI), pauses during a news conference.

Photographer: Dhiraj SinghBLOOMBERG

Indian central bank Governor Raghuram Rajan kept interest rates unchanged, rebuffing pressure from the Finance Ministry to reduce borrowing costs that are among the highest in Asia.

Rajan left the benchmark repurchase rate at 7.25 percent after three cuts this year, including in June, the Reserve Bank of India said in a statement in Mumbai on Tuesday. TheMOVE was predicted by 39 of 42 economists in aBLOOMBERG News survey. Three expected a cut to 7 percent…

Rajan Holds India Rate, Rebuffing Pressure From Government

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