More Stories

Informist, Saturday, Apr. 18, 2026

By Durgesh Nandan

MUMBAI – The two-day interbank call money rate ended sharply below the Reserve Bank of India's Standing Deposit Facility rate of 5.00% on Saturday due to ample surplus liquidity and low demand for funds. Trade volume was muted due to low participation, which is usually the case in overnight markets on Saturdays, as most banks had met their requirement for funds on Friday.

The two-day call rate ended at 4.50%, down from Friday's close of 5.11% for three-day loans. The weighted average call rate fell to 4.50% from 5.11% Friday. Trade volume in the call money market was INR 6.25 billion, sharply down from INR 153.40 billion Friday. The tri-party repo market rate for two-day loans ended at 4.75%, down from 4.90% at the previous close. The weighted average rate was 4.77%, also down from 4.94% for three-day loans Friday. Volume in the broader tri-party repo market was INR 134.37 billion, sharply down from INR 4.36 trillion Friday.

As per the latest figures, the net liquidity absorbed by the Reserve Bank of India, a proxy for surplus liquidity in the banking system, was INR 4.09 trillion Thursday, down from INR 5.21 trillion Wednesday. Cash balances with the RBI rose sharply to INR 8.39 trillion Thursday from INR 7.46 trillion the previous day as the new reporting fortnight began, due to an increase in net demand and time liabilities as of Mar. 31. 

OUTLOOK

On Monday, the one-day call money rate is likely to open at 5.10-5.15% due to early demand for funds from primary dealerships and some small banks, dealers said. Dealers expect the call rate to trade around 4.80–5.20% during the day, whereas the tri-party repo rate is expected in the range of 4.80–5.00% on the back of ample surplus liquidity in the banking system. The tri-party repo rate may trade above SDF rate and call money rate. 

Outflow of INR 1.8 trillion–INR 2 trillion for payment of goods and services tax is scheduled by Wednesday, which will partly offset by inflows of INR 100.3 billion from redemptions and coupons on state bonds.

CALL RATE

4.50%--Saturday close for two-day loans

4.50%--Saturday open for two-day loans

5.11%--Friday close for three-day loans

End

Edited by Avishek Dutta

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.