At first glance, the October rate hike (25 bps to 5.5%) looked straightforward; inflation risks, stronger growth, and a new stance: "calibrated tightening." But dig deeper, and you’ll find a split. Internal members want to keep pushing rates to anchor inflation. External members? They’re warning of damage to consumer spending and private investment. And here’s the twist: while the minutes say nothing about defending the rupee (despite Governor Malhotra’s recent hints), markets are betting the December meeting could see more than 25 bps; just to shore up currency levels. Nomura isn’t buying it. They say interest rates are a blunt weapon for FX defence; and risk hurting growth. Their call? One more 25 bps hike in December, then pause… with February still in play. So if you’re planning a big loan, EMI, or even a home purchase; watch this space. The RBI isn’t done yet, even if they’re not saying everything.