Reserve Bank of India Raises Interest Rates

India's central bank unexpectedly raised interest rates for the first time in 15 months today, joining a global wave of monetary tightening to combat a surge in inflation sparked by food and energy costs. The Reserve Bank of India increased the repurchase rate to 8 percent from 7.75 percent with effect from today, according to a statement in Mumbai. The move came seven weeks before the bank's scheduled monetary policy meeting on July 29.