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After consumer price index (CPI) rose 5.4% in June, in July it managed to grow by 3.78% on yearly basis.
India, which is a heavy importer of fossil fuel has benefitted largely from drop in oil prices, which as of now seems, will stay a while.
New Reserve Bank of India (RBI) governor Raghuram Rajan has taken up approach to target monetary policy to curb volatile prices. Current RBI target for inflation stands at 4% with a band of another2% on either side. Drop in oil prices has helped RBI to achieve its inflation target relatively faster, given CPI was recording above 10% back in 2013.
RBI has cut rates three time this year so far and further is likely. However, RBI is likely to wait the end of monsoon, which is vital for India's growth and inflation as well as rate hike from US Federal Reserve this year. A wait till the September FED meeting seems very much likely.
On a different front, Indian rupee has tumbled to two year low, as Chinese central bank reduced Yuan exchange rate for two consecutive days.
INR is currently trading at 64.72 against Dollar, down -0.72% today.
