India’s central bank surprised markets with a jumbo rate cut, seizing on cooling inflation to frontload monetary easing and bolster economic growth amid heightened global uncertainty.

India's central bank has lowered interest rates by a deeper-than-expected half a percent - the third cut in a row amid falling inflation and lower growth in Asia's third largest economy. The repo rate now stands at 5.

This marks the third straight rate cut since February. It comes below the median estimates of 5.75% in a Reuters poll. India's central bank delivered an outsized cut to its benchmark policy rate, bringing it to 5.