RBI holds repo rate at 5.25 percent as Hormuz talks advance.

The Reserve Bank of India held its repo rate at 5.25 percent today, prioritizing growth risks over any easing despite the Middle East conflict. This decision keeps liquidity conditions tighter than peers might allow and leaves emerging-market risk assets exposed to any renewed energy-price spike if Hormuz talks stall. Bitcoin trades near 64,300 dollars with modest exchange outflows and an MVRV ratio of 1.22, yet low Fear & Greed readings show holders unwilling to chase higher prices even as stocks print records. The real tension sits between expected lower Brent crude from a potential Hormuz reopening and the absence of any corresponding shift in US or Indian policy that would ease funding costs for leveraged positions. How much of today's rate hold already prices in a deal that may never materialize remains the open variable.