India's central bank is likely to stand pat for now, Raisah Rasid, global market strategist at J.P. Morgan Asset Management, said in a briefing. India is "very exposed" to commodity price swings, while El Nino could impact food prices going forward, she said. The Middle East situation seems contained for now, but prices of commodities like oil are likely to remain elevated as the flow through the Strait of Hormuz will take time to normalize, particularly because of physical and insurance risks, she added. As such, the RBI is unlikely to cut rates "especially in this climate that we're in," she said. (kimberley.kao@wsj.com)