Reserve Bank of India (RBI) stated in a latest monthly update that in the overnight money market, the weighted average call rate (WACR) remained within the LAF corridor, averaging 6.62 per cent during November 16 to December 19, 2024, up from 6.48 per cent during October 16 to November 15, 2024. The WACR firmed up for a brief period during November 22-29 and December 10-19, although it remained within the policy corridor. In the collateralised segment, both the tri-party repo and the market repo rates averaged 6 basis points (bps) and 5 bps, respectively, above the policy repo rate during November 16 to December 19, 2024. In the secondary market, the spread of 3-month CP (NBFC) and CD rates over the 91-day T-bill rate stood at 109 bps and 77 bps, respectively, during December 2024 (up to December 19) - higher than 104 bps and 44 bps a year ago. Although the spreads tend to ease during periods of surplus liquidity, they have increased in recent months, mainly due to a decline in 91-day T-bill rates, barring the second half of December.
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