It surprised the markets by keeping its stance neutral instead of tightening as expected by many economists. With this, India became the latest Asian country to increase rates after the Philippines and Indonesia in order to fight inflationary pressure and support the domestic currency. Invesco India ETF PIN , iShares MSCI India ETF INDA and Columbia India Consumer ETF INCO were up nearly 2.4% each (see: all the emerging Asia Pacific ETFs here ).