In a speech, RBI Governor Raghuram Rajan addressed critics who have accused him of keeping interest rates too high, saying they cannot "have it both ways, want lower inflation as well as lower policy rates." "The fact that inflation is fairly close to the upper bound of our target zone today suggests we have not been overly hawkish, and were wise to disregard advice in the past to cut more deeply," Rajan said.
Consumer inflation hit a near two-year high of 5.76 percent in May, or the upper end of the central bank's inflation target of 2 percent to 6 percent.
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