Indian central bank cuts rates for a third time

India’s monetary authority has cut its main policy rate for the third time this year, as expected by most analysts.

The benchmark interest rate was reduced by 25 basis points to 7.25%.

Further monetary easing is possible depending on the strength of the monsoon season, the Reserve Bank of India said on Tuesday.

The easing comes despite a widely anticipated increase in interest rates by the US Federal Reserve later this year.

As of 06:37 the country's benchmark Sensex equity index was off by 1%.