(Image source: cnbc.com) After India raised its benchmark repo rate by 25bps to 8 percent in an effort to combat raising prices and stabilize the rupee, other emerging markets are following the same course of action implemented by India. For example, today, South Africa’s central bank raised its benchmark repurchase rate by 50bps to 5.5 percent. Similarly, the Turkish central bank raised its overnight lending rate to 12 percent from 7.75 percent. It’s unclear whether these rate hikes will contain inflation or stop the currencies from sliding further. But the likelihood is more emerging markets will tighten monetary policy in the months to come.