While the financial world knew that a forward defensive block is the stroke that would be played by the RBI, they expected a “late cut”.
However, it was a forward defensive stroke since the rates remain unchanged but the SLR was dropped leading to more liquidity. Looking ahead to the next policy it is likely the RBI would be driven more by data points while deciding whether to raise, cut or leave the rates steady. The mystery of why Katappa killed Bahubali stands resolved, the next mystery is ‘When will the MPC cut rates!’ Releasing 2ndAugust 2017.
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