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Indian cash rates nudge higher; tax outflows hurt
March, 18th 2009

Indian cash rates inched up on Wednesday as advance tax outflows added to pressure on banks who were already scrambling to meet reserve requirements in the first week of the reporting cycle.

At 12:15 p.m., the overnight call money rate was at 4.50/60 percent, above its previous close of 4.20/30 percent.

"Rates are higher due to the advance tax outflows," said Anoop Verma, an associate vice president at Development Credit Bank.

Companies make quarterly tax payments in anticipation of their full year profits and the fourth instalment was due this week.

Direct tax receipts between April 1, 2008, and March 16 rose 18 percent from a year ago to 2.96 trillion rupees, including advance taxes paid by the corporates for the fiscal fourth quarter, a finance ministry official said on Tuesday.

"This is only a temporary thing, we should be back to 3.50 percent levels in another 10 days or so," a senior dealer at a foreign bank said. "Around March-end, there is generally a lot of government spending, which should also help."

The central bank did not lend or borrow any funds from the central bank at its morning money market operations, suggesting an equilibrium, in the banking system.

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