India hikes interest rates to pre-pandemic level

Published : 05 Aug 2022 09:44 PM

India's central bank on Friday hiked interest rates for a third-consecutive time, as Asia's third-largest economy contends with a widening trade deficit and weakening currency.

The Reserve Bank of India's rate-setting committee raised its key lending rate by 50 basis points to 5.40 percent -- a level last seen in August 2019 -- three months after kicking off a monetary tightening cycle in May.