Last week, Nomura ⁠had assigned ‌a 65% probability that the Reserve Bank ​of India ​would cut its policy rate by 25 basis ⁠points to 5%. It now joins the likes of ​Capital Economics and ANZ in no longer expecting ​an April rate cut. Nomura said that “stealth easing” toward a 5% rate has effectively already taken place, strengthening the case for the RBI to pause.