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MARKET EYE-India cash rates up at start of new reporting cycle
July 16, 2012 / 9:33 AM / 5 years ago

MARKET EYE-India cash rates up at start of new reporting cycle

* Indian overnight cash rate at 8.05/8.10 percent
versus 7.90/8.00 percent close on Friday as demand for funds
rises at the start of a fresh reporting fortnight.
* However, rates are expected to be close to the central bank's
lending rate of 8 percent as cash in the banking system has been
reasonably comfortable at an average of around 500 billion
rupees deficit over the last nine sessions. 
* Total volumes in the call money market were at 160.51 billion
rupees at a weighted average rate of 8.11 percent. The total
volume in the CBLO market was at 393.63 billion rupees, at a
weighted average rate of 8.01 percent.
* Liquidity in the system has improved following payment towards
various subsidies by the government and following the hike in
limit for export credit refinance facility to banks to 50
percent from 15 percent effective June 30.


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