NEW DELHI: India’s central bank on Tuesday cut its key interest rate to a five-year low of 6.5 percent citing a dip in inflation, and signaled there could be further rate cuts to come.

In a widely expected move, the Reserve Bank of India (RBI) said it would lower the benchmark repo rate, the level at which it lends to commercial banks, by 25 basis points down from 6.75 percent.

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