The central bank deputy chief said on Monday that the monetary authorities were unlikely to lower the repo rate from the current five per cent for quite some time.

"It is too early to say anything on the monsoon's progress. There is no change in our earlier statement on the repo rate," Deputy Governor of the Reserve Bank of India, Rakesh Mohan, told reporters on the sidelines of the Asian Currency Union meeting.

"Inflation is going just as we expected. It is down to 5.44 per cent."

Expectations of a domestic repo rate cut have firmed in recent weeks on the back of a global easing cycle and falling inflation.

India's wholesale prices rose 5.44 per cent in the 12 months to May 31, compared with a rise of 5.65 per cent in the year to the previous week.