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India call rates steady near repo rate, demand low
December, 03rd 2010

Indian cash rates ended around the repo rate of 6.25 per cent in afternoon trade on Thursday, as demand eased with the reporting fortnight drawing to a close.

The one-day inter-bank cash rate ended at 6.30/40 per cent, from Wednesday's close of 6.25/6.30 per cent.

Banks borrowed 518.1 billion rupees from the Reserve Bank of India's twin repo auction compared with a total 764.55 billion rupees on Wednesday.

The recent cash support steps by the RBI also soothed jittery nerves.

On Monday, the Reserve Bank of India extended the second liquidity adjustment facilities that were ending on Dec. 16 up to Jan. 28.

The RBI also relaxed the statutory liquidity ratio by 2 per cent compared with earlier relaxation of 1 per cent, to enable banks borrow more from the repo auctions.

The weighted average rate in the call money market was at 6.40 per cent compared with 6.45 per cent on Wednesday, and that in the collateralised borrowing and lending obligation (CBLO) market was 6.20 per cent, little changed from Wednesday's 6.23 per cent.

Volumes in the call market were 66.56 billion rupees compared with a total of 38.84 billion rupees on Wednesday. In CBLO, it was 624.62 billion rupees versus previous 551.55 billion rupees.

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