The Reserve Bank of India’s monetary policy committee began its October meeting today. The panel will announce its interest rate decision on October 7.

Most economists expect a rate hike. In a Reuters poll, 38 of 61 economists said the repo rate will rise by 25 basis points to 5.50 percent. The current rate is 5.25 percent.

The RBI faces a different backdrop from its August review. Inflation pressures are broadening, with nearly half of the inflation basket rising 4 percent or more year-on-year. At the same time, the economy grew nearly 8 percent in the April-June quarter.

Crude oil prices and global rate hikes are also pushing in the same direction. The rupee is near 96 per dollar, raising worries about imported inflation.

The week is packed for markets. TCS opens the September-quarter earnings season on October 8, and the US Federal Reserve releases the minutes of its September meeting on October 7. Indian shares have fallen for eight straight weeks ahead of these events.