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India Central Bank Combats Coronavirus Pain With a Surprise Rate Cut

NEW DELHI—India’s central bank surprised markets by cutting its key lending rate, hoping to reignite growth in Asia’s third-largest economy, which has been one of the hardest hit by the coronavirus.

As the country is still stuck in the world’s largest lockdown to curb the spread of the pandemic, the Reserve Bank of India slashed its benchmark lending rate by 0.4 percentage point to 4%, a record low.

“Domestic…

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