The RBI preferred to nibble at the edges , keeping rates unchanged on Wednesday.

The central bank, however, indicated that it may roll the pitch in December, by which point clarity will emerge on whether tariff uncertainties can be dismissed as trivial trouble. Moreover, festive demand trends will provide a clearer view of growth potential amid external demand volatilities.

The key short-term benchmark rate stands at 5.5%, the Standing Deposit Facility at 5.25%, while the Marginal Standing Facility and base rate are held at 5.75% each. The RBI also decided to retain the policy stance as neutral.

There were no rate cuts; yet, Wednesday’s policy outcome was far from a non-event, as Malhotra came with a loaded cannon of strategic measures aimed at lifting exporters and domestic finan

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