RBI MPC Meeting 2024, RBI Monetary Policy Meeting Live Updates: Anticipation builds as RBI’s MPC meets to review repo rate

The Reserve Bank of India (RBI) is holding a three-day Monetary Policy Committee (MPC) meeting from October 7-9, with market participants anticipating the outcome on October 9. The central bank has kept the repo rate steady at 6.50% for nine consecutive meetings, balancing inflation and economic growth. Inflation remains a concern, particularly in food and fuel, with food inflation standing at 5.65% in August, exceeding the RBI’s 4% medium-term target. Despite inflationary pressures, the RBI has maintained its stance to support post-pandemic recovery. External factors like rising global crude oil prices could influence future rate decisions. The newly reconstituted MPC includes three new external members appointed by the central government. Analysts expect a continued wait-and-watch approach, but a rate hike is not entirely ruled out.