Interbank call rates were trading lower at 8.00/8.10% from its previous close of 8.10/8.15%, as bank’s preferred to borrow from RBI’s repo counter. However, call rates are likely to rise in the coming week, since liquidity is expected to tighten further when corporates pay quarterly advance taxes in mid-December. Liquidity has tightened in the absence of government spending, high government cash balances with the central bank and large currency with the public due to the festival season.
The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 102,820 crore via repo window on December 7, 2012. While, the banks using LAF facility borrowed Rs 73,205 crore through repo window on December 6, 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 8.00% on Friday and total volume stood at Rs 12,861.25 crore, so far.
As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was 8.00% on Friday and total volume stood at Rs 34,248.65 crore, so far.
The indicative call rates which closed at 8.10/8.15% 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.
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