India's central bank has raised interest rates for the 10th time since March of last year in an effort to tame the country's high inflation rate.

The Reserve Bank of India, the country's central bank, on Thursday increased the repurchase or repo rate, the interest charged by the federal bank on loans to commercial banks, by 25 basis points to 7.5 percent.

The reverse repo, the rate at which the central bank borrows from commercial banks, was increased to 6.5 percent.

Thursday's interest rate hike comes as India struggles with an inflation rate of more than nine percent.

The country's economic growth also has slowed to 7.8 percent from January to March — its weakest pace in five quarters.

India has been one of the most aggressive Asian countries in raising rates to combat inflation, which has been fueled by the high cost of fuel and food.