Monday, March 12, 2012

Cash rate up as robust demand offsets CRR cut Close

Indian overnight cash rates rose on Monday despite a cut in cash reserve ratio of banks reserve requirement covers the beginning of a new round of reporting on the early payment of taxes in advance by the company.

The one-day call rate closed at 8.85/8.90, compared to Friday close of 8.50/8.55 percent for the three-day loans.

On Friday, the Reserve Bank of India is not expected announced a cut in CRR, the share of deposits that banks must defer it a week before it is reviewed monetary policy. Cut will be a sharper-than-expected 75 basis points aimed at infusing liquidity in a cash-starved banking system.

The move is estimated to 480 billion rupees drawn ($ 9.6 billion) of liquidity in the banking system.

A Reuters poll showed the RBI as are expected to hold off on cutting rates at its monetary policy review on Thursday, a day before the federal government will detail its budget for the fiscal year that begins in the month of April. The overnight cash rate could climb above the 9 percent tax on outflows ahead, traders said.

Banks' increasing demand for funds is evident from the repo borrowings against the RBI, which stood at 1.31 trillion rupees, much above indicated that the central bank comfort level of 600 billion rupees of the total lack of liquidity .

Normally, banks prefer to meet their reserve requirements in the first two weeks of the reporting cycle to avoid the volatility in rates in the second week.

Volume in call money market was 169.97 billion rupees, while the weighted average rate was 8.81 percent. Volume in the collateralised borrowing and lending obligations that (CBLO) market was 548.17 billion rupees, with a weighted average rate of 8.46 percent.

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