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An increase in the price of oil to $96 a barrel could stoke inflation by 40 basis points above its estimate and damp growth by 30 basis points, the central bank said.

Addressing a press conference after announcing RBI's fourth bi-monthly policy here, he said the rupee has experienced bouts of volatility since the monetary policy committee meeting in August.

The RBI had chose to increase interest rates in the last two policy review meetings by 25 bps on each occasion.

The policy repo rate under the liquidity adjustment facility (LAF) remained unchanged at 6.5 per cent.

Repo rate is the rate at which the RBI lends money to banks and is an important tool for RBI to control inflation.

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"There could be an upward revision in the inflationary projections for the year on account of higher oil prices, increase in MSPs and imported inflation (on back of rupee depreciation)", CARE Ratings said in a research note. Lowering the inflation forecast to a range of 3.9 percent to 4.5 percent for the second half of the year ending March, from 4.8 percent previously, allows the MPC room to pause on rates, he said.

The latest move by RBI has led to the fall in the rupee value to tumble further to touch a lifetime record low of 74.10 per dollar after gaining marginally by 6 points during today's early trade session. During April-June India's balance of payments slipped into deficit for the first time in six quarters.

Last week, Bangko Sentral ng Pilipinas (BSP) hiked rates by 50 bps to 4.50 percent, adding to the three hikes worth 100 bps since May. Indian bond yields spiked as prices fell.

With a general election due by May next year, Prime Minister Narendra Modi's Hindu nationalist party will want to campaign on strong economic growth and success in containing inflation.

The rupee recovered from intraday low of 74.23 after RBI Governor Urjit Patel reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.