Call rates remain above repo level on higher demand

The overnight borrowing rates touched a high and low of 8.10% and 7.90% respectively

Interbank call rates were steady at its previous close of 8.05/10%, above repo level, on Monday as demand remained higher at the start of the reporting fortnight, since most of the banks preferred to cover for their mandated requirements in the first half of reporting cycle.

The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 42,315 crore through repo window on November 06, 2012, while, the banks using LAF facility borrowed Rs 58,205 crore via repo window on November 05, 2012.

The overnight borrowing rates touched a high and low of 8.10% and 7.90% respectively.

According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was 7.99% on Tuesday and total volume stood at Rs 14,319.94 crore, so far.

As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was 7.99% on Tuesday and total volume stood at Rs 34,108.25 crore, so far.

The indicative call rates which closed at 8.05/10% on Monday 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.