(Bloomberg) -- India's rupee rose after the central bank vowed to contain inflation and signaled it will take ``timely action'' to slow the pace of price increases.
Governor Yaga Venugopal Reddy today left the key overnight lending rate unchanged. He said the preference of policymakers will be to maintain price stability after inflation in the week ended April 7 unexpectedly accelerated. Reddy has raised the key rate nine times since October 2004, and has also told lenders to set aside more cash to curb lending.
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