Call money ends high at 40-50 pc

Mumbai, Mar 30 (UNI) Interbank call rates ended at 40.00-50.00 per cent, off from their intra-day high of 65.00-75.00 per cent. It had closed yesterday at 10.00-11.00 per cent, dealers said.

In addition to fortnightly targets, the year end demands kept the borrowings high and sustained pressure on call rates.

The RBI LAF received 6 bids worth Rs 1,765 crore at the 3-day reverse repo window while 59 bids worth Rs 30,650 crore were accepted at the 3-day repo window.

At the CBLO segment, 328 bids of Rs 10,953 crore were transacted in the range of 6.00-50.00 per cent.

After the trading hours, the RBI announced a two phase hike in CRR by 50 bps to 6.5 per cent, one on 14th April and 2nd on the 28th April and an increase in the repo rate by 25 bps to 7.75 per cent with immediate effect.

Inter bank rates are likely to remain firm in the near term as liquidity is expected to stay tight, dealers added.

UNI