Mumbai, June 1 -- The Reserve Bank of India (RBI) does not need to raise the repo rate in the upcoming monetary policy to manage pressure on the rupee, according to a report by SBI Research.

The report stated that it can instead use short-term interest rate tools and liquidity measures. It also argued against a repo rate hike even as global uncertainties and elevated crude oil prices continue to create pressure on currencies and financial markets.

"So should there be repo rate hike? NO!" the report said, while suggesting that the central bank should maintain a data-dependent approach and continue with its current policy stance.

The report cited the example of July 2013, when the RBI took steps to address exchange rate volatility by rai...