Call rates edged higher with the end of first half of reporting cycle

Interbank call rates were trading higher at 8.15/8.20% versus its Thursday’s close of 7.00/7.10% as demand from banks to fulfill their fortnightly requirements gained momentum with the end of first half of reporting cycle and also ahead a long weekend. Money market remaining shut for trade on Monday on account of ‘Baba Saheb Ambedkar Jayanti’. The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 17793 crore through repo auction on April 11, 2014. The banks via LAF borrowed Rs 17453 crore through repo auction and parked Rs 7200 crore via reverse repo window on April 10, 2014. The overnight borrowing rates touched a high and low of 8.20% and 8.10% respectively. According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.01% on Friday and total volume stood at Rs 28664.85 crore, so far. As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 8.10% on Friday and total volume stood at Rs 24871.15 crore, so far. The indicative call rates which closed 7.00/7.10% on Thursday 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.