Amid rising inflation, and slump in rupee to its record lows, the Reserve Bank of India’s Monetary Policy Committee (MPC) decided to rise repo rate by 50 basis points to 5.9per cent. While addressing a press conference in Mumbai, RBI Governor Shaktikanta Das said, “Based on the assessment of the macroeconomic situation the Monetary Policy Committee (MPC) decided to hike Repo rate by 50 basis points to 5.9per cent.”