List of Repo Rate Changes in the 21st Century (2001- 2026)
Repo rate became a part of the official Liquidity Adjustment Facility in 2000; let’s trace the rate changes over the course of the 21st century starting from 2000 till 2026.
Repo rate is the most important factor for determining the interest rate for home loan EMI, fixed deposits returns. There has been wide fluctuations in the repo rate since it was officially made the part of Liquidity Adjustment Facility in the year 2000.
Let us explore the complete list of Repo rate changes that has taken place since the year 2001 till 2026.
Repo Rate Changes from 2001 to 2026
The following table shows the repo rate fluctuations from the year 2001 to 2026.
| Effective Date | Repo Rate | Change |
| 9-Mar-01 | 9.00% | Cut 0.75 pt |
| 30-Apr-01 | 8.75% | Cut 0.25 pt |
| 7-Jun-01 | 8.50% | Cut 0.25 pt |
| 28-Mar-02 | 8.00% | Cut 0.50 pt |
| 12-Nov-02 | 7.50% | Cut 0.50 pt |
| 7-Mar-03 | 7.10% | Cut 0.40 pt |
| 19-Mar-03 | 7.00% | Cut 0.10 pt |
| 31-Mar-04 | 6.00% | Cut 1.00 pt |
| 26-Oct-05 | 6.25% | Hike 0.25 pt |
| 24-Jan-06 | 6.50% | Hike 0.25 pt |
| 8-Jun-06 | 6.75% | Hike 0.25 pt |
| 25-Jul-06 | 7.00% | Hike 0.25 pt |
| 30-Oct-06 | 7.25% | Hike 0.25 pt |
| 31-Jan-07 | 7.50% | Hike 0.25 pt |
| 30-Mar-07 | 7.75% | Hike 0.25 pt |
| 11-Jun-08 | 8.00% | Hike 0.25 pt |
| 24-Jun-08 | 8.50% | Hike 0.50 pt |
| 29-Jul-08 | 9.00% | Hike 0.50 pt |
| 20-Oct-08 | 8.00% | Cut 1.00 pt (global crisis) |
| 3-Nov-08 | 7.50% | Cut 0.50 pt |
| 8-Dec-08 | 6.50% | Cut 1.00 pt |
| 2-Jan-09 | 5.50% | Cut 1.00 pt |
| 4-Mar-09 | 5.00% | Cut 0.50 pt |
| 21-Apr-09 | 4.75% | Cut 0.25 pt |
| 19-Mar-10 | 5.00% | Hike 0.25 pt |
| 20-Apr-10 | 5.25% | Hike 0.25 pt |
| 2-Jul-10 | 5.50% | Hike 0.25 pt |
| 27-Jul-10 | 5.75% | Hike 0.25 pt |
| 16-Sep-10 | 6.00% | Hike 0.25 pt |
| 2-Nov-10 | 6.25% | Hike 0.25 pt |
| 25-Jan-11 | 6.50% | Hike 0.25 pt |
| 17-Mar-11 | 6.75% | Hike 0.25 pt |
| 3-May-11 | 7.25% | Hike 0.50 pt |
| 16-Jun-11 | 7.50% | Hike 0.25 pt |
| 26-Jul-11 | 8.00% | Hike 0.50 pt |
| 16-Sep-11 | 8.25% | Hike 0.25 pt |
| 25-Oct-11 | 8.50% | Hike 0.25 pt (peak of this cycle) |
| 17-Apr-12 | 8.00% | Cut 0.50 pt |
| 29-Jan-13 | 7.75% | Cut 0.25 pt |
| 19-Mar-13 | 7.50% | Cut 0.25 pt |
| 3-May-13 | 7.25% | Cut 0.25 pt |
| 20-Sep-13 | 7.50% | Hike 0.25 pt (taper tantrum) |
| 29-Oct-13 | 7.75% | Hike 0.25 pt |
| 28-Jan-14 | 8.00% | Hike 0.25 pt |
| 15-Jan-15 | 7.75% | Cut 0.25 pt |
| 4-Mar-15 | 7.50% | Cut 0.25 pt |
| 2-Jun-15 | 7.25% | Cut 0.25 pt |
| 29-Sep-15 | 6.75% | Cut 0.50 pt |
| 5-Apr-16 | 6.50% | Cut 0.25 pt |
| 4-Oct-16 | 6.25% | Cut 0.25 pt |
| 2-Aug-17 | 6.00% | Cut 0.25 pt |
| 6-Jun-18 | 6.25% | Hike 0.25 pt |
| 1-Aug-18 | 6.50% | Hike 0.25 pt |
| 7-Feb-19 | 6.25% | Cut 0.25 pt |
| 4-Apr-19 | 6.00% | Cut 0.25 pt |
| 6-Jun-19 | 5.75% | Cut 0.25 pt |
| 7-Aug-19 | 5.40% | Cut 0.35 pt |
| 4-Oct-19 | 5.15% | Cut 0.25 pt |
| 27-Mar-20 | 4.40% | Cut 0.75 pt (Covid-19) |
| 22-May-20 | 4.00% | Cut 0.40 pt (record low) |
| 4-May-22 | 4.40% | Hike 0.40 pt (off-cycle, inflation) |
| 8-Jun-22 | 4.90% | Hike 0.50 pt |
| 5-Aug-22 | 5.40% | Hike 0.50 pt |
| 30-Sep-22 | 5.90% | Hike 0.50 pt |
| 7-Dec-22 | 6.25% | Hike 0.35 pt |
| 8-Feb-23 | 6.50% | Hike 0.25 pt (held 2 years) |
| 7-Feb-25 | 6.25% | Cut 0.25 pt (first in 5 years) |
| 9-Apr-25 | 6.00% | Cut 0.25 pt |
| 6-Jun-25 | 5.50% | Cut 0.50 pt |
| 5-Dec-25 | 5.25% | Cut 0.25 pt (current rate) |
Source: Monetary Policy Committee reviews
It is to be noted that the year 2000 was the most volatile year in terms of repo rate. It fluctuated 20 times in a span of 6 months with the highest rate reaching 16% on August 9, 2000.
Indian rupee was under immense pressure due to the rising price of oils globally coupled with reduced cashflows.
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