The Reserve Bank of India left its key interest rate unchanged for a second meeting and retained its tightening stance, signaling rate-setters want to see inflation moderating further while weaker monsoon risks remain a concern.

A six-member monetary policy committee voted unanimously to keep the benchmark repurchase rate at 6.50%. All 40 economists in a Bloomberg survey predicted the hold.

The panel decided 5:1 to retain the policy stance focused on “withdrawal of accommodation,” which was introduced April last year. Thirteen of the 18 economists who shared their forecast on the stance expected the move.

As a result, bonds edged lower, with the yield on 10-year note rising by three basis points to 7.01%, while the rupee was steady. Stocks declined, paring earlier gains.

India joins most global central banks on pausing on rate hikes as commodity prices ease and policymakers are starting to signal their tightening cycle has concluded. At the same time, surprise rate hikes in Australia and Canada this week underscore the stickiness of inflation worldwide.