Interbank call rates were little changed at 7.80/7.85% versus its previous closing level of 7.75/7.85% on Wednesday, with demand remaining stable in the first week of the reporting fortnight. Further, RBI’s debt buyback via open market operations (OMO) on Friday which should help offset large part of the outflows towards the Rs 12,000 crore debt sale also capped the surge of 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 the government securities for an aggregate amount of Rs 10,000 crore on February 15, 2013.
The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 126,945 crore through repo window and parked Rs 10 crore via reverse repo window on February 13, 2013, while banks using LAF facility borrowed Rs 123,965 crore through repo window on February 12, 2013 and parked Rs 15 crore via reverse repo window on the same day.
The overnight borrowing rates touched a high and low of 7.90% and 7.70% respectively.
According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was 7.84% on Thursday and total volume stood at Rs 24,001.32 crore, so far.
As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was 7.75% on Thursday and total volume stood at Rs 27,796.90 crore, so far.
The indicative call rates which closed at 7.75/85% on Wednesday 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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