Interbank call rates were trading way lower at 7.60/7.65%, from its previous close of 8.50/8.60% on Thursday, as banks already had covered for their mandated fortnightly requirements approaching the second week of reporting fortnight. The Call rates also fall after central bank announced Rs 150 billion ($2.48 billion) variable rate reverse repo auction for later on Monday. However, the rates could edge higher in the coming days as few banks may scramble last minute to fulfill their fortnightly requirements.
The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 3322 crore through repo auction on September 01, 2014, while the banks via LAF borrowed Rs 9464 crore through repo auction and parked Rs 4358 crore via reverse repo window on August 28, 2014.
The overnight borrowing rates touched a high and low of 8.05% and 7.60% respectively.
According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 7.91% on Monday and total volume stood at Rs 31712.44 crore, so far.
As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 7.77% on Monday and total volume stood at Rs 67128.90 crore, so far.
The indicative call rates which closed 8.50/8.60% on Thursday 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.
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