Interbank three-day call rates were trading higher at 8.10/15% against its Monday’s close of 8.05/8.15% as demand remained stable in second week of reporting cycle. However, announcement of Open Market Operation by Reserve Bank of India (RBI) capped the further uptick of the call rates.
Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct Open Market Operations by purchasing government securities for an aggregate amount of Rs 8,000 crore on December 28, 2012.
The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 135,535 crore via repo window on December 26, 2012, while bank by using LAF facility borrowed Rs 150,390 crore via repo window on December 24, 2012.
The overnight borrowing rates touched a high and low of 8.15% and 7.95% respectively.
According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was 8.08% on Wednesday and total volume stood at Rs 15,033.54 crore, so far.
As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was 8.00% on Wednesday and total volume stood at Rs 16,058.15 crore, so far.
The indicative call rates which closed at 8.05/8.15% 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.
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