Call rates up on last minute rush for funds; quoted above 9 pc

Mumbai, Sep 28 (UNI) Call rates shot up and quoted above 9 per cent from the previous close of 7.00-7.15 per cent, on account of last minute rush for funds by banks to cover up their positions in view of fortinghtly reporting today.

The call rates opened firm at 8.75 per cent and shot up to 9.50 per cent on heavy demand for funds by the banks to cover up their requirements in view of reporting friday.

The half-yearly closing of the banks also forced banks to borrow funds to fulfill the mandatory fund requirements, dealers said.

The call rates were also quoted a low of 6.5 per cent during the course of trading, they said.

UNI