On Friday, the Reserve Bank of India's Monetary Policy Committee (MPC) cut the repo rate by 50 basis points (bps) to 5.5%, marking the third consecutive rate cut this year.

MUMBAI (Reuters) - The Reserve Bank of India (RBI) cut its key repo rate by a larger-than-expected 50 basis points on Friday, a third consecutive reduction, as muted inflation provided space for policymakers to focus on supporting economic growth.

India’s central bank surprised markets with a jumbo rate cut, seizing on cooling inflation to frontload monetary easing and bolster economic growth amid heightened global uncertainty.