MONEY MARKET REPORT
The domestic money market remained indifferent to the yesterday's credit policy statement where, as expected, there were no major announcements regarding interest rates as a result of which the dated government securities market remained subdued.
The interest rate in the inter-bank overnight money market opened between 8.75 per cent and 9 per cent and went on to close at 8.45-8.65 per cent.
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At the three-day fixed rate repo at eight per cent, the Reserve Bank of India received and accepted four bids for Rs 1,320 crore.
The National Stock Exchange Mibor was 8.81 per cent (standard deviation 0.0197) and the Mibid was 8.63 per cent (standard deviation 0.0197).
There was a slight dip in prices but on the whole very little trading interest in the dated securities segment.
The fall was mainly in the zero coupon securities which had seen some buying interest in the past few days, as players were taking positions in the hope of some positive announcements in the policy.
The zero coupon 2000 (maturing on July 13) was traded at around Rs 82.74, against Rs 82.80 in the morning session. The zero coupon 1999 was traded at Rs 97.75 and the 11.40 per cent 2000 was dealt at more or less the same levels as Thursday.