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Informist, Saturday, Jul. 18, 2026

By Aaryan Khanna

NEW DELHI – The two-day interbank call money rate ended below the Reserve Bank of India's Standing Deposit Facility rate of 5.00% Saturday. As is usually the case on Saturday, money market rates were down and so were volumes because banks had met most of their need for funds Friday.

The two-day call money rate ended at 4.75% Saturday, sharply down from 5.40% for three-day loans Friday. The weighted average call rate was 4.94%, also down from 5.40% Friday. The volume in the most-traded contract collapsed to INR 9.08 billion from INR 220.00 billion Friday.

The two-day tri-party repo rate ended at 5.00%, up from 4.90% for three-day loans Friday. The weighted average rate was 4.41%, much lower than the previous day's 5.17%. The volume in the two-day TREPS contract was INR 161.11 billion, slumping from INR 4.74 trillion in the previous session.

OUTLOOK
On Monday, demand for funds is likely to be high as outflows of around INR 1.8 trillion for goods and services tax payments begin. Later in the day, funds locked up in the initial public offering of SBI Funds Management will be released.

Traders have mixed views on whether the public issue will aid or erode surplus liquidity in the banking system. Some expect outflows if foreign investors are not allotted shares. Some expect both anchor investment and qualified institutional purchases by foreign investors to boost rupee liquidity. Yet others expect Amundi India, which is selling 3.7% stake in the asset management company, to transfer the cash it receives from the initial public offering offshore.

The RBI will conduct a seven-day variable rate repo auction at 0930-1000 IST Monday for INR 1.25 trillion, as several traders had expected. Dealers expect the call rate Monday to be at 4.60–5.50%. The tri-party repo rate is expected to be in the 4.60–5.30% band. The weighted average call rate is expected to be in the 5.10–5.40% range and that in the tri-party repo market is likely to be 5.00–5.30%, they said.

CALL RATE

4.75%--Saturday close for two-day loans

4.85%--Saturday open for two-day loans

5.40%--Friday close for three-day loans

End

Edited by Rajeev Pai

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