Reserve Bank of India has hiked the key interest rate by 0.25% to 6.50%.

The Reserve Bank of India (RBI) has hiked the key interest rate by 25 basis points (0.25%) to 6.50%.

This is in line with the street expectations. It is the RBI's sixth consecutive rate hike this year to combat rising prices.

The RBI slowed the pace of hikes as the inflation is showing signs of easing off. The inflation rate fell to 5.72% YoY in December from 5.88% in November.

Indian markets rose with the NIFTY 50 index up 0.8%.

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