The RBI raises its benchmark rate 50 basis points to 8%, the 11th hike this cycle, and greater...

|By:, SA News Editor

The RBI raises its benchmark rate 50 basis points to 8%, the 11th hike this cycle, and greater than the forecast 25 point jump. The bank also lifts its forecast inflation rate for March 2012 100 bps to 7%. Indian shares defy a world-wide stock rally, -1.9%.