MUMBAI: Indian overnight cash rates eased in afternoon trades on Wednesday as demand was lower in the second week of reporting fortnight.
Banks' dependence on the Reserve Bank of India's repo auction also came off as banks had covered more than their mandated needs earlier in the fortnight.
The RBI lent 26.15 billion rupees compared with Tuesday's 8.90 billion rupees at its repo window. At 12:38 p.m., the one-day inter-bank cash rate was at 6.00/10 percent, compared with Tuesday's close of 6.25/6.30 percent, according to Thomson Reuters data.
The rate moved in the 5.80-6.05 percent range so far.
The weighted average rate in the call money market was 5.93 percent compared with Tuesday's 6.09 percent and that in the collateralised lending and borrowing obligation (CBLO) market was 5.86 percent compared with previous 5.80 percent.
Volumes in the call market averaged at 64.12 billion rupees and that in CBLO at 547.39 billion rupees, CCIl data showed.
Banks' dependence on the Reserve Bank of India's repo auction also came off as banks had covered more than their mandated needs earlier in the fortnight.
The RBI lent 26.15 billion rupees compared with Tuesday's 8.90 billion rupees at its repo window. At 12:38 p.m., the one-day inter-bank cash rate was at 6.00/10 percent, compared with Tuesday's close of 6.25/6.30 percent, according to Thomson Reuters data.
The rate moved in the 5.80-6.05 percent range so far.
The weighted average rate in the call money market was 5.93 percent compared with Tuesday's 6.09 percent and that in the collateralised lending and borrowing obligation (CBLO) market was 5.86 percent compared with previous 5.80 percent.
Volumes in the call market averaged at 64.12 billion rupees and that in CBLO at 547.39 billion rupees, CCIl data showed.
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