RBI begins fine tuning rates by conducting simultaneous VRR and VRRR auctions
This comes just after the RBI conducted a two day variable rate repo (VRR) operation and injected Rs 50,000 crore into the banking system on Wednesday and an overnight VRR operation on Thursday.
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The two-day VRR operation was over-subscribed amid a temporary shortage of funds, which pushed call rates to 5.73% on Wednesday, 23 basis points above the repo rate. The overnight VRR operation received tepid demand as the call rate softened to 5.54% on Thursday, CCIL data showed.
Banking system liquidity stood at a surplus of Rs 2.17 lakh crore as of Wednesday, and at Rs 2.42 lakh crore as of Tuesday, RBI data showed.
Money market participants will also bid in a
government securities auction
on Friday.
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