The report, put out the day RBI announced its monetary policy, said it expects RBI to cut rates in February 2025 cumulative 75 basis points.
"...and such a decision is unlikely to be impacted by what is happening to the US dollar, as was the case in 2018 when the RBI did not hike rates even as the rupee was under enormous pressure," read the report authored by Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI.
As expected, the RBI monetary policy committee decided to keep the repo rate at 6.50 per cent (eleventh time in a row); however, this time it was not unanimous. Two of the newly inducted members voted to reduce the policy repo rate by 25 basis points.
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