MUMBAI, India (AP) — India's central bank raised a key interest rate more than expected yesterday — its fifth rate hike this year — as it continues its fight against high inflation.

The Reserve Bank of India raised the repo rate — at which it makes short-term loans to commercial banks — by a quarter percentage point to six percent with immediate effect. It raised the reverse repo rate — the rate at which it borrows from commercial banks — by an unexpected half percentage point to five percent.

Economists had expected quarter point hikes in both rates, which still remain below pre-crisis levels. "The magnitude has been steeper than expectations," said Yes Bank chief economist Shubhada Rao. "Even the tone remains more hawkish than we were anticipating."

She expects the bank to hike rates again, by a quarter point, when it meets in November.