RBI plans no change in repo rate

The Reserve Bank of India has no plans to change the repo rate as of now, a senior official told Reuters of Friday.

"There is no change planned in the repo rate as of now," the official told Reuters in response to a query as to whether the central bank was planning a reduction after Thursday's interest rate cut by the European Central Bank.

The repo rate is currently five per cent, and was last cut by 50 basis points on March 3.

Expectations of a repo rate cut firmed after the ECB's half percentage point cut in its key interest rate to two per cent, which fuelled hopes that the global easing bias would continue.

The benchmark 10-year yield fell to 5.7548 per cent, before retracing to 5.7571 on profit taking. It closed Thursday at 5.7705 per cent.