Rates on short-term money market instruments rose 10-15 basis points (bps) today because mutual funds, the major investors in such papers, chose to remain on the sidelines on limited inflows in their schemes, dealers said.
Today, three-month certificates of deposit were quoted at 8.50-8.70 per cent, as against 8.30-8.40 per cent Wednesday, while three-month commercial papers were quoted at 8.90-9.10 per cent, as against 8.70-8.90 per cent.
Rates for the one-year tenure were quoted at 9.00-9.20 per cent, compared with 8.90-9.10 per cent Wednesday.