Overnights Steady At 8.75-9%
MONEY MARKET REPORT
The interest rate in the inter-bank money market opened and ruled in the region of 9- 9.10 per cent.
Call rates came down slightly by the end of the day to close at 8.75- 9 per cent.
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The weighted average call money rate of Securities Trading Corporation of India Ltd (STCI) was 8.97 per cent on a turnover of Rs 1,300 crore.
There is ample liquidity in the banking system as was evident from the amount parked with the Reserve Bank of India at the four day, 9 per cnt fixed rate repos yesterday.
At the repo, RBI accepted 14 bids, and received a sum of Rs 2,126 crore.
Inflows into the system on account of the second leg of the RBI repo conducted on Monday was Rs 1,232 crore.
The treasury bills segment saw a fall in yields with the 364-day treasury bills, maturing on 24 April, being dealt at 11.55- 11.65 per cent while those maturing on 10 April were dealt at 10.50-10.60 per cent.
The prices of securities went up marginally by 20-30 paise across maturities but activity was concentrated only in a handful of securities.
The 11 per cent, 2002, paper was dealt at Rs 96.45-50, the 12 per cent, 1999, gilt at Rs 100.35, and the 11.64 per cent, 2002, paper at Rs 96.45-50.