India's central bank cut interest rates and relaxed restrictions on debt investments on February 7, handing a surprise boost to the rupee bond markets in the run-up to a general election. Against expectations, the Reserve Bank of India cut its benchmark repo rate by 25bp to 6.25% and lowered inflation projections for April-September to 3.2%-3.4% from the 3.8%-4.2% seen in December.
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