Comment on RBI Monetary Policy by Radhavi Deshpande, President & Chief Investment Officer, Kotak Mahindra Life Insurance Company Limited

“Today’s Monetary Policy Committee (MPC) statement stays on expected lines keeping policy rates and stance unchanged, MPC highlights CPI target rate at 4% still to be achieved while revising GDP forecast higher. The MPC acknowledges the need to be vigilant of over tightening while closely watching and addressing the elevated volatility in food inflation.
Markets will continue to favour a longish pause with adequate liquidity for this financial year.  Worries around measures from RBI to address liquidity through OMO sales will come off.
Markets to stay range bound while RBI stays global and domestic data dependent. We see 10-year G-Sec to remain in the range of 7.10-7.35%”

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