India Central Bank Raises Interest Rates For Second Consecutive Month

Trying to beat back inflation

India's central bank lifted interest rates for a second straight month and rolled back the liquidity tightening measures on Tuesday, as Governor Raghuram Rajan stepped up the fight against rising inflation.

The repo rate, which is the rate at which the Reserve Bank of India lends to banks, was raised by a quarter point to 7.75 percent, Rajan said in a statement.