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India shocks markets with rate hike

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India's central bank caught investors by surprise Friday when it hiked interest rates.

The move - a 7.5 percent increase - is an attempt to control rising inflation, according to CNNMoney.

Investors responded poorly Friday, sending Mumbai's Sensex index down more than 2 percent after the announcement. The rupee weakened against the dollar.

Read more at CNNMoney.

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