Call rates close steady at 6.10-6.25 per cent

Mumbai, Aug 9 (UNI) Call money rates closed slightly higher at 6.25 per cent today from the previous close of 6.20 per cent at the interbank money market.

The call rates opened at 6.10 per cent, stagnant from the previous level, later inched up marginally at 6.20 per cent and finally closed at 6.25 per cent in the backdrop of volatile money market in Europe, dealers said.

Dealers said that the Eurupean market today witnessed extreme volatility due to shortage of dollars, fuelling concern among the stock market as well as currency markets worldwide.

However, the money market activity in the local market was as usual and so far no impact was seen dirctly affecting the trend, here they said.

According to dealers, call rates would continue to remain steady in coming sessions in view of the removal of the cap of Rs 3,000 crore on the daily reverse repo LAF window by the Reserve Bank in its recent credit policy .

Meanwhile, the Central bank, through its reverse repo operations, today took back Rs 38,000 crore from the system.

UNI