Mumbai Nov 16 (UNI) The Inter-bank call money market today closed lower at 7.10 per cent compared to its previous close of 7.75 per cent.
The overnight rates were traversing in a range between 7.00-7.75 per cent.
The shortage of funds in the market coupled with tight liquidity was keeping the call rates in the range between 7.00-8.00 per cent and are expected to trade in the same range till the end of next week, dealers opined.
According to market watchers, by the end of next week government spending on bonds will begin and this will infuse ample liquidity in the market.
The Reserve bank of India, through 3 day reverse repo, accepted 28 bids worth Rs 30,655 crore at a fixed rate of 7.75 per cent.