MUMBAI India's headline inflation at 7.5 percent is "still high", the Reserve Bank of India (RBI) Duvvuri Subbarao said on Monday.
Subbarao, speaking at an academic institution, said inflation was due to a spike in crude oil prices and the government's high fiscal deficit.
The RBI cut rates in late January, but refrained from spelling out further rate cuts due to concerns about the country's current account deficit and inflation flaring again in the later half of 2013.
(Reporting by Shamik Paul; Editing by Prateek Chatterjee)
Welspun India shares plummet again on contagion fears in cotton sheet dispute
MUMBAI Welspun India's shares plunged 20 percent for a second day on Tuesday, as the fallout from Target Corp's decision to terminate business with the firm for passing off cheap sheets as premium Egyptian cotton escalated.
Gold steady ahead of global central bankers meeting
NEW YORK/LONDON Gold was largely unchanged on Tuesday as markets shifted focus from hawkish comments by a Federal Reserve official over the weekend to a meeting of global central bankers later this week that might provide hints on the timing of a U.S. interest rate increase.
Eight Fed banks urge discount rate increase - minutes
WASHINGTON The number of regional Federal Reserve banks calling on the central bank to raise the rate it charges commercial banks for emergency loans rose to eight in July, minutes from the Fed's discount rate meeting released on Tuesday showed.