Abhishek Upadhyay

Abhishek Upadhyay

Abhishek Upadhyay is the Executive Vice President and Co-Head Economics & Fixed Income Research at ICICI Securities Primary Dealership

Does RBI Need to Mount an Interest Rate Defence of Rupee, Again?

Forward foreign exchange market implied interest rates are already at punitive levels, curbing the need for an MSF hike to tackle rupee speculation; MPC could consider a 50 bps hike in December meeting to ensure real policy rates do not turn negative as inflation picks up to close to 6%

Abhishek Upadhyay

October 19, 2026 at 3:19 AM IST

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istock.com

Case for a Hawkish 25-bps Hike

MPC Preview

A timely rate hike will allow the RBI to avoid bigger hikes that are disorderly and hurt growth, with 3–4 hikes needed to achieve neutral monetary policy settings.

Abhishek Upadhyay

October 2, 2026 at 11:38 AM IST

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Do Softer Crude and Low Core Inflation Weaken RBI MPC's Case for Rate Hikes?

The inflation-growth mix and the global interest-rate backdrop suggest a need for monetary policy normalisation, especially with crude prices remaining volatile.

Abhishek Upadhyay

July 17, 2026 at 10:35 AM IST

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Risk-Reward Trade-Off Favours a Hawkish Hold by RBI MPC

Monetary Policy

RBI may hold rates, but rupee pressure, crude risks and Taylor-rule arithmetic argue for a more hawkish policy tone.

Abhishek Upadhyay

June 2, 2026 at 3:04 AM IST

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Basis Shorts

The Bureau

India Can Grow at 7% — But Reforms Must Go Deeper
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