MONEY MARKET REPORT
Interest rates in the overnight call money market moved upwards during the day as a shortage of lenders in the afternoon session saw banks competing for funds. Dealers were of the opinion that it would be too early to figure out the exact reasons for this unprecedented rise.
"The increase in levels of the call money rates could be an aberration but there certainly seemed to be a shortage of funds later in the day. Although overnight rates opened below nine per cent in the morning, some deals were also conducted at the 10 per cent
