Call Hover Around 9.5-10%

MONEYU MARKET REPORT

Interest rate in the inter-bank overnight money market opened in the 9.5-9.75 per cent region and ruled in the 9.5-10 per cent band. Call rate closed slightly lower at 9-9.25 per cent. The weighted average call money rate of Securities Trading Corporation of India Ltd (STCI) was 9.54 per cent on a turnover of Rs 1,400 crore.

The weighted average call money rate of STCI was 9.08 per cent on Monday and 9.24 per cent on Tuesday. This could suggest that there has been a tightening of rates in the last few days.

On Monday the Reserve Bank of India (RBI) had received 10 applications at the three-day nine per cent repo for a sum of Rs 1,212 crore.

On Tuesday as well as yesterday, there were no bids received by the apex bank at the three-day nine per cent fixed rate repos.

In the treasury bills segment, those maturing on April 24 was traded at 12.85-90 per cent.

There was selling interest from State Bank of India and a few foreign banks, which saw prices in the dated securities market soften by 30-50 paise.

The 12.50 per cent paper maturing in 2004 was traded at Rs 101.85, 12.69 per cent 2002 at Rs 102.30, the 11.83 per cent 2003 at 99.45 and the 11.64 per cent 2000 at par.