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Call Money
Call rates were rangebound on Thursday and held a narrow band between 7.90 per cent and and 8.05 per cent. Opening the day at 7.98-8 per cent, little changed from its last close, call rates quoted at these levels for most of the day. "The market was squarish... there was enough liquidity to take care of the demand", a dealer with a European bank said. Toward close of trades, call rates were seen at 7.95-8.05 per cent. "There were reports of a few deals being struck at 7.90 per cent thereabouts, but they might have been few and far between. Most of the deals were struck at around 7.97 per cent levels", a dealer with a primary dealership said, adding: "Call rates would have gone below 7.90 levels had it not been for demand... in any case, everybody is confident that RBI refinance at 8 per cent levels will not take call rates any higher". RBI did not receive any response to its four-day six per cent fixed-rate repos held today.FORECAST: Call rates seen holding 7.90-8.05 per cent levels on Friday. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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