New Delhi, Dec. 12 -- The US Federal Reserve's latest 25-basis-point rate cut has set the stage for a complex global monetary backdrop, but its implications for India are expected to be relatively stable, according to analysis from YES Bank's Economics Research team.

"For India, we think that the sharpest pressure for the INR is over as we expect gold imports as also non-oil non-gold imports to moderate over the remaining part of the year." noted the report.

The report notes that the Fed's December policy vote was deeply divided, with six members even preferring a pause and significant uncertainty visible in projections for 2026. This fracture, combined with evolving US labour-market data, indicates that the bar for further rate cuts by...