The Reserve Bank of India cut its repo rate by 25 bps

The Reserve Bank of India cut its repo rate by 25 basis points to 6.5% overnight, making a widely expected reduction to bring the figure to its lowest in more than five years. But in a surprise move, the RBI also raised the reverse repo by 25 basis points to 6.0%, while taking measures to ensure more availability of cash in the banking system. Heading Down Under: Australia's central bank left interest rates at a record low 2.0%, where they have been for nearly a year, citing evidence of continued growth at home despite an unhelpful rise in the local dollar.