India hikes interest rates for first time in over three years as Iran war fuels inflation

India's central bank has raised interest rates for the first time in over three years due to inflationary pressures stemming from the Iran war. The Reserve Bank of India increased the repo rate by 25 basis points to 5.50%, responding to rising consumer prices and a weakening rupee. This decision aligns India with other central banks tightening monetary policy to combat inflation and stabilize their currencies.