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RBI may consider cutting rate in December, says Keki Mistry of HDFC

The Reserve Bank of India (RBI) may consider a rate cut in the upcoming monetary policy meeting, said Keki Mistry, vice chairman and CEO of HDFC. He, however, said that the chances were relatively low.
“I think the RBI will adopt a neutral stance and don’t think there will be any change in rates this time but would not completely rule out possibility of a rate cut though the chances of that happening are relatively low,” he said.
Mistry said that the liquidity situation in India has improved over the last couple of months. He said that the liquidity crisis was mainly due to IL&FS. "Since then all the commercial papers, which matured from then till today have been honoured on time," he said.
On the currency front, he said the performance of the rupee is closely linked to what happens in the US and the other is oil prices.
According to him, rupee is likely to settle between 70-72/USD in the medium-term.