Call rates end at 5.50-7%
Call rates end at 5.50-7% Overnight call rates stood at 5.50-7% on Sep. 19, 2007, compared with 5.50-7.50% on the previous working day, i.e September 18. Weighted average rate (WAR) was seen at 6.47% on September 19, against 6.59% on the previous working day. The total turnover of the call market, however, decreased to Rs 143.02 billion on September 19, from Rs 154.42 billion, on the previous working day. According to the Reserve Bank of India`s (RBI) report on money market operations released on September 20, the turnover of term money was Rs 1.25 billion on Sep. 19, 2007, against Rs 1.77 billion on the previous working day. The interest rate stood at 8.10-8.50% on Sep. 19, 2007, against 7.50-9.15% on the previous working day. The turnover of notice money stood at Rs 7.57 billi on on Sep. 19, 2007, against Rs 0.08 billion, on the previous working day. The WAR stood at 6.49% on September 19, against 5.97% on the previous working day. Further, 1-day CBLO (collaterized borrowing and lending obligation) operations fetched Rs 320.88 billion at 6.07% on September 19. The interest rate range was between 5.97-6.30% on the same day. On the previous working day, i.e. on September 18, 1-day CBLO operations fetched Rs 362.97 billion at 6.10% WAR. On the other hand, the transactions of 1-day market repos injected Rs 195.51 billion, compared with Rs 163.89 billion, of 1-day market repos on the previous working day. The WAR stood at 6.32% on September 19, against 6.44% on previous working day. The amount outstanding under standing liquidity adjustment facility available with the RBI was Rs 0.9 1 billion at 7.75%, on September 19.
As on Sep. 17, 2007 the cumulative cash balances of the scheduled commercial banks with RBI stood at Rs 6,716.58 billion for the fortnight ended Sep. 28, 2007.
