The Reserve Bank of India raised its benchmark repo rate by 50 basis points to 5.9 percent on Friday, after the rupee plunged to a record low this month.

The rate hike was the fourth straight increase in the current cycle. The standing deposit facility rate and the marginal standing facility rate were also increased by the same quantum to 5.65 percent and 6.15 percent, respectively.

(With input from Reuters)

(Cover: A worker walks past the logo of Reserve Bank of India (RBI) inside its office in New Delhi, India July 8, 2019. /Reuters)