The Reserve Bank of India is likely to deliver 75 bps of rate hikes to lift the repo rate to 6.00% by early 2027, Shilan Shah of Capital Economics writes in a note. The energy shock has weighed on India's economy but growth should still average 6.5% for fiscal year 2027, Shah says. Rainfall in the early stages of the monsoon has been weak, and if this remains the case it would raise upside inflation risks, Shah adds. Meanwhile, the rupee remains close to a record low against the U.S. dollar despite the fall in oil prices and RBI currency stabilization measures in June, Shah writes. Rising inflation and continued currency concerns may force the RBI to raise interest rates soon, Shah says. (kimberley.kao@wsj.com)