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Timeline
MPCMAY 22, 2020

Rate Cut (-40 bps)

Off-cycle emergency cut; COVID-19 response

NIFTY 50-vs T-60 baseline
USD / INR+0.27%vs T-60 baseline
INDIA VIX-vs T-60 baseline
Gilt Fund (10Y proxy)-vs T-60 baseline
Cross-Asset Reaction Window

The 10-year sovereign is shown as a gilt-fund proxy, whose value moves inversely to yields. Older events use daily closes, so the intraday windows then coincide with the daily close.

Surprise Analysis
Surprise DeviationPolicy decision — no numeric surprise

Actual Policycut-40
ConsensusAdjust expected

Macroeconomic Assessment

Dovish shift to stimulate economic activity.

Source: RBI Press Release
Cross-Asset Reaction MatrixExport CSV
Asset ClassT−60T+30T+2HT+1D
Nifty 50NIFTY · 1d--0.74%-0.74%-
USD / INRUSDINR · 1d--0.20%-0.20%+0.27%
India VIXVIX · 1d--1.85%-1.85%-
Gilt Fund (10Y proxy)GSEC · 1d-0.00%0.00%-