RBI's monetary policy report today at 2:30; things to watch out for

The RBI -- which in June projected inflation of 4.7 percent in the second half -- has a mandate to keep it at the 4 percent midpoint of its target band in the medium term

Another interest rate hike is on the cards in India as the central bank tries to rein in inflation and shore up Asia’s weakest major currency.

The Reserve Bank of India will probably increase the repurchase rate by 25 basis points to a two-year high of 6.5 percent on Wednesday, according to 40 of the 53 economists in a Bloomberg survey, with the rest expecting no change.

A rate move will follow June’s surprise 25 basis-point hike, when the RBI tightened policy for the first time since 2014, following counterparts in Indonesia and the Philippines in stepping up action to counter an