MUMBAI, Aug 8 Reuters The Reserve Bank of India RBI kept its key interest rate unchanged on Thursday, as widely expected, retaining its focus on bringing inflation down even as global market volatility left other major central banks poised to ease policy.

The Monetary Policy Committee MPC, which consists of three RBI and three external members, kept the repo rate unchanged at 6.50 for a ninth straight policy meeting.

Four out of six MPC members voted in favour of the rate decision.

The MPC last changed rates in February 2023, when the policy rate was raised to 6.50.

The monetary policy stance was retained at 39;withdrawal of accommodation39; to aid the MPC39;s focus on bringing inflation towards the target, with four of the six members voting in its favour.

All 59 economists in the Reuters poll conducted in late July predicted the central bank would stand pat on rates.

It is important for monetary policy to stay the course in bringing inflation down towards its 4 medium term target, RBI Governor Shaktikanta Das said, adding that India39;s food inflation remains stubbornly high.

Growth remains resilient, inflation has been trending downward and we have made progress in achieving price stability, but we have more distance to cover, Das said.

Ensuring price stability is important for sustainable growth, Das said.

With growth remaining robust, the MPC still has room to hold on to policy stance to get confirmation on the disinflationary trend, said Upasna Bhardwaj,…