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The Economic Times
The Economic Times
Debaroti Adhikary

Nifty Bank rises 650 points as report says RBI unlikely to hike rates to defend rupee; Axis, ICICI, HDFC shares jump up to 2%

RBI the Reserve Bank of India Reserve Bank of India Inflation Axis Bank HDFC Bank ICICI Bank Standard Chartered United States

Bank stocks including private heavyweights Axis Bank, ICICI Bank, HDFC Bank and others jumped up to 2%, pushing the Nifty Bank around 650 points higher on Friday morning after a report said that the Reserve Bank of India (RBI) is not considering rate hikes to be the best way to defend the falling rupee.

The Reserve Bank of India has other levers to deploy and the options are on the table, which are being considered in coordination with the government, Reuters reported citing people familiar with the matter. Inflation continues to remain subdued, and this - not the currency- will guide RBI’s policy on rate hikes, the report added.

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