The Inter-bank call money rates were at 7.30/40% higher from Monday's close of 7.20/35% as demand remained steady in the second week of the reporting fortnight. Traders expect cash rates to stay in a narrow range of 7.40-7.50% at least till the central bank's monetary policy review on June 16, where it is widely expected to raise rates by 25 basis points. The tight liquidity situation due to advance tax outflow of 45,000 crore in the mid June is also expected to maintain pressure on the call rates.
Banks via Liquidity Adjustment Facility (LAF) borrowed Rs 46,040 crore through repo window and parked Rs 30 crore using reverse repo window on May 31, 2011. While Banks via Liquidity Adjustment Facility (LAF) borrowed Rs 57,310 crore through repo window and parked Rs 410 crore using reverse repo window on May 30, 2011.
The overnight borrowing rates has touched a high of 7.40% and a low of 6.10%, so far.
According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was 7.38% on Monday and total volume stood at Rs 12,911 crore on the same day.
As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was 7.09% on Monday and total volume stood at Rs 58,589 crore on the same day.
The indicative call rates which closed at 7.20 /35% 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 Bank, State Bank of India, Union Bank of India, ING Vysya Bank, BNP Paribas, HDFC Bank, P&S Bank.
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