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No bank rate cut for now, says Jalan

Reserve Bank of India governor Bimal Jalan said on Friday the central bank was not considering a cut in the benchmark bank rate for now.

"I cannot say about October but we are not contemplating a bank rate cut this week or now," Jalan said when asked whether the central bank planning a cut before its mid-term review of monetary policy in October.

Jalan, who was speaking to reporters ahead of a national language banking awards ceremony, also said the RBI will not cut the repo rate now.

The central bank chief also said that he was not concerned about the rupee's rise which ended at a near seven-month high of 48.5275/5300 per dollar on Thursday.

He said the central bank will continue with its soft interest rate bias, but added there was no link to the rate moves in the United States.

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