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"We are away from 4 percent inflation target for some time now," the RBI governor said. "This in itself indicates an inflationary trend and we could be in for some surprises on the upside in repo rates," Raj Mehta, Fund Manager, PPFAS Mutual Fund said.

He further said the direction and the trend of interest rates will remain upwards in the near future through the quantum and the frequency of rate hikes remain uncertain. "We think RBI's statement seems more hawkish than its stance on inflation and inflationary risks."