Call rates spike up with fresh reporting fortnight

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Interbank call rates edged higher at 9.45/50% as against its Friday’s close of 9.00/9.10% on Monday as demand perked up with the start of fresh reporting fortnight since most banks prefer to cover for their mandated fortnightly requirements at the earlier. However, the uptrend of the call rates are expected to be limited after Reserve Bank of India will infuse as much as Rs 10,000 crore on October 7 by purchasing government securities to ease liquidity in the market.

The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 40316 crore through repo window on October 07, 2013, while banks using Special LAF borrowed Rs 2004 crore through repo window and parked Rs 1251 crore via reverse repo window on October 04, 2013.

The overnight borrowing rates touched a high and low of 9.60% and 9.45% respectively.

According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was 9.54% on Monday and total volume stood at Rs 22121.55 crore, so far.

As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was 9.50% on Monday and total volume stood at Rs 27528.15 crore, so far.

The indicative call rates which closed at 9.45/50% on Friday were contributions made from Andhra Bank, AXIS Bank, Bank of America, Bank of Baroda, Bank of India, Canara Bank, J P Morgan Chase, Citibank N.A., Corporation Bank, Credit Agricole Bank, Indusind Bank, ICICI Bank, ICICI Securities, IDBI Bank, Jammu and Kashmir Bank, Punjab National Bank, RBS, Societe Generale, Standard Chartered, so far.

Source:-berkeleygains
 
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