RBI Monetary policy, April 6 -- As the Reserve Bank of India's Monetary Policy Committee (MPC) heads into its April policy meeting, a question that seemed unthinkable just weeks ago is now entering market conversations: could the central bank deliver a surprise rate hike?

The policy decision is scheduled for Wednesday, April 8, 2026, with the outcome expected in the morning after the MPC's three-day deliberations, which start today, April 6. Under normal conditions, the Street would have largely priced in a pause. But the sharp weakness in the rupee, sustained surge in crude oil prices, geopolitical tensions in West Asia and continued foreign capital outflows have complicated the picture just ahead of the policy review.

The RBI had kept...