Call rates ends high
Call rates ends high Overnight call rates stood at 5.50-7.40% on Sep. 20, 2007, compared with 5.50-7% on the previous working day, i.e September 19 .Weighted average rate (WAR) was seen at 6.40% on September 20, against 6.47% on the previous working day. The total turnover of the call market, however, decreased to Rs 135.83 billion on September 20, from Rs 143.02 billion, on the previous working day. According to the Reserve Bank of India`s (RBI) report on money market operations released on September 21, the turnover of term money was Rs 1 billion on Sep. 20, 2007, against Rs 1.25 billion on the previous working day. The interest rate stood at 8.10-8.50% on Sep. 20, 2007, against 7.75-8.50% on the previous working day. The turnover of notice money stood at Rs 1.28 bil lion on Sep. 20, 2007, against Rs 7.57 billion, on the previous working day. The WAR stood at 6.47% on September 20, against 6.49% on the previous working day. Further, 1-day CBLO (collaterized borrowing and lending obligation) operations fetched Rs 316 billion at 6.3% on September 20. The interest rate range was between 6-7% on the same day. On the previous working day, i.e. on September 19, 1-day CBLO operations fetched Rs 320.88 billion at 6.07% WAR. On the other hand, the transactions of 1-day market repos injected Rs 221.96 billion, compared with Rs 195.51 billion, of 1-day market repos on the previous working day. The WAR stood at 6.30% on September 20, against 6.32% on previous working day. The amount outstanding under standing liquidi ty adjustment facility available with the RBI was Rs 0.91 billion at 7.75%, on September 20. As on Sep. 18, 2007 the cumulative cash balances of the scheduled commercial banks with RBI stood at Rs 8,881.74 billion for the fortnight ending Sep. 28, 2007.
