The RBI reduced the key short-term lending rate (repo) by 100 basis points in three tranches beginning in February, amidst declining consumer price index (CPI) based inflation. “Under these conditions, we expect a status quo. If at all, at a later point in time, there is a package for exporters against the backdrop of tariffs, a rate cut could be considered,” Sabnavis said. This suggests a status quo for the repo rate in the October 2025 policy review, in what appears to be a close call,” she said. Dharmakirti Joshi, Chief Economist, Crisil Limited, said: “We expect that a repo rate cut could come as soon as October due to lower-than-expected inflation.