India cuts rates

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India's central bank cut its main interest rates by 25 basis points on Tuesday - its first reduction in nine months - in an effort to kickstart the slowing economy.

The Reserve Bank of India (RBI) said the benchmark repo rate, at which it lends to commercial banks, would fall to 7.75 percent.

The cash reserve - which determines the amount of cash banks keep aside - was also cut by 25 basis points to 4.0 percent. - Sapa-AFP

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