Call rates edge lower at the end of first week of reporting cycle

Interbank call rates, the rates at which banks borrow short-term funds from each other, were trading lower at 3.60% from its previous close of 3.68% on Thursday, as demand eased at the end of first week of the reporting fortnight.

The overnight borrowing rates touched a high and low of 4.00% and 2.20% respectively.

According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 3.71% on Friday and total volume stood at Rs 85466.97 crore, so far.

As per CCIL data, WAR in the TREP (Triparty Repo) market was 3.44% on Friday total volume stood at Rs 426646.40 crore, so far.

The indicative call rates which closed at 3.68% on Thursday, 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.