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MPCAPR 06, 2023

Policy Repo Rate Held

Surprise pause in hiking cycle

NIFTY 50-vs T-60 baseline
USD / INR-0.35%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 PolicyRepo Hold
ConsensusHold expected

Macroeconomic Assessment

Cautious, data-dependent approach maintained.

Source: RBI Press Release
Cross-Asset Reaction MatrixExport CSV
Asset ClassT−60T+30T+2HT+1D
Nifty 50NIFTY · 1d-+0.24%+0.24%-
USD / INRUSDINR · 1d--0.20%-0.20%-0.35%
India VIXVIX · 1d--4.92%-4.92%-
Gilt Fund (10Y proxy)GSEC · 1d-+0.11%+0.11%-