India central bank not in favour of rate hikes to defend rupee, prioritises inflation, sources say
By Ira Dugal and Jaspreet Kalra MUMBAI, May 22 (Reuters) - India's central bank does not see interest rate hikes as the best way to defend the embattled rupee, three sources said, a position at odds with markets, reinforcing that inflation - not the currency - will guide policy on borrowing costs. 
