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India's RBI Surprises Again with Post-budget Rate Cut

India's central bank unexpectedly lowered its policy rate for the second time this year on Wednesday, backing a government that is pushing to revive economic growth as inflation cools. Although markets had broadly expected the Reserve Bank of India (RBI) to reduce rates again after a cut in January, few had expected a move just days after the government unveiled a budget that took a slower path to lowering the fiscal deficit. “Given low capacity utilization and still-weak...

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