Mumbai/IBNS, Oct. 7 -- The Reserve Bank of India (RBI) on Wednesday hiked the repo rate by 25 basis points, marking the first increase since February 2023, media reports said.

The repo rate has been raised from 5.25% to 5.50% following a unanimous decision by the Monetary Policy Committee (MPC).

The RBI raised the benchmark rate amid concerns over rising inflation, higher oil prices and pressure on the Indian rupee.

The RBI's decision comes against the backdrop of heightened global economic uncertainty, with geopolitical tensions and elevated energy prices posing risks to inflation and economic stability.

The rate hike is expected to increase borrowing costs for consumers and businesses, while the central bank's tighter monetary stanc...