RBI Governor Sanjay Malhotra is widely expected to keep the repo rate unchanged in the MPC decision today. Even if the rate stays on hold, markets will track his remarks on inflation, crude oil and the rupee.

The RBI's Monetary Policy Committee has begun its three-day meeting with economists largely expecting the repo rate to remain unchanged. Markets will watch whether the central bank turns more hawkish on inflation, crude oil and the rupee.