Call rates edge higher with start of fresh reporting cycle

Interbank call rates, the rates at which banks borrow short-term funds from each other, were edged higher at 6.36% from its previous close of 6.35% on Friday as demand picked up momentum with the start of fresh reporting fortnight.

The overnight borrowing rates touched a high and low of 6.40% and 5.15% respectively.

According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 6.30% on Monday and total volume stood at Rs 168879.77 crore, so far.

As per CCIL data, WAR in the TREP (Triparty Repo) market was 6.26% on Monday and total volume stood at Rs 307936.10 crore, so far.

The indicative call rates which closed at 6.35% on Friday, 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.