India's central bank has cut interest rates for the first time in nearly five years to counter slowing growth in Asia's third largest economy. The Reserve Bank of India (RBI) reduced its repo rate from 6.5% to 6.25%, in line with the expectations of many economists.

The Reserve Bank of India (RBI) cut its key interest rate for the first time in nearly five years on Friday, as it seeks to boost the sluggish economy and sees inflation easing towards its 4% target.

New central bank governor Sanjay Malhotra loosens monetary policy despite high inflation hitting consumer spending

The Bank of England has cut its main interest rate for the third time in six months with the British economy struggling to post any meaningful growth. In a statement Thursday, the bank said the nine-member Monetary Policy Committee lowered its main interest rate by a quarter of a percentage point to 4.

Interest rates were lowered by a quarter of a point. Governor Andrew Bailey said there was "heightened uncertainty".