Indian central bank hikes rates for first time since 2023

India's central bank hiked interest rates for the first time in more than three years on Wednesday as the Middle East conflict stokes inflation in Asia's third-largest economy and batters a weakened rupee. The Reserve Bank of India (RBI) said the benchmark repurchase rate, the level at which it lends to commercial banks, would be raised by 25 basis points to 5.50 percent after a unanimous vote by a six-member panel.