Call rates remain above repo level on Thursday

Interbank call rates were trading higher at 8.10%/8.15% against Wednesday’s close of 7.40%/7.50%, above the repo level on concerns over availability of funds due to a nationwide bank strike called on Wednesday. However, the rates are expected to ebb below repo level once banks resume their normal operations. The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 15688 crore through three days repo auction on November 13, 2014, while banks via LAF facility borrowed Rs 17849 crore through repo window and parked Rs 4289 crore through reverse repo auction on November 12, 2014. The overnight borrowing rates touched a high and low of 8.40% and 7.90% respectively. According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 8.09% on Thursday and total volume stood at Rs 26686.47 crore, so far. As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 8.15% on Thursday and total volume stood at Rs 49645.30 crore, so far. The indicative call rates which closed 7.40%/7.50% 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.