Interbank call rates were trading higher at 7.85/95% from its previous close of 7.75/7.80% on Tuesday, given the steady demand, as banks prefer to borrow mostly in the first week to avoid a last minute scramble in the second week. However, not a sharp up run is expected in call rates after central bank, in order to ease the tight liquidity condition, announced an Open Market Operation (OMO) to buy bonds up to Rs 10,000 crore on March 1, post market closed on Monday.
The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 112,905 crore through repo window on February 27, 2013, while banks using special LAF facility borrowed Rs 115,290 crore through repo window and parked Rs 25 crore via reverse repo window on February 26, 2013.
The overnight borrowing rates touched a high and low of 7.90% and 7.80% respectively.
According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was 7.88% on Wednesday and total volume stood at Rs 22,756.83 crore, so far.
As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was 7.75% on Wednesday and total volume stood at Rs 20,130.65 crore, so far.
The indicative call rates which closed at 7.75/80% on Tuesday 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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