October 7, 2013 / 12:26 PM / 4 years ago

India central bank cuts MSF rate by 50 basis points

MUMBAI, Oct 7 (Reuters) - The Reserve Bank of India on Monday cut the marginal standing facility rate by 50 basis points to 9.0 percent, further trimming an overnight rate that it had pushed up as an emergency measure in mid-July in order to prop up the battered rupee.

Monday's cut in the MSF rate follows a 75 bps cut in the rate last month. The RBI's 200 bps increase in the MSF rate in July had tightened short-term market liquidity. (Reporting by Neha Dasgupta and Suvashree Dey Choudhury; Editing by Tony Munroe)

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