Is the RBI planning to hike rates further in the June policy?

That is what the early reports seem to suggest ahead of the June MPC meet. RBI may not only raise its inflation target for FY23, but also give guidance for a series of rate hikes during the June MPC meet. RBI had hiked rates by 40 bps in a special MPC meet held in May and also announced 50 bps rise in CRR. However, the April inflation forecast at 5.7% looks too low and may revised up to 6.1%. That would be better way to defend the rupee with forex reserves already depleting by $50 billion.