₹1-TRILLION VRR AUCTION TODAY
Even as rates on short-term borrowings by companies have hit a four-year high, the Reserve Bank of India (RBI) will conduct a 14-day variable rate repo (VRR) auction for Rs 1 trillion on Friday. This is twice the amount injected at the previous VRR auction and will help ease the liquidity situation, which is becoming tight due to year-end requirements.
The rate on three-month commercial paper issued by companies, excluding non-banking finance companies (NBFC), has risen to 7.85%, the highest levels since November 2018, according to data compiled by Bloomberg. The papers issued by NBFCs saw rates rising to June 2020 highs.
“The central bank may be infusing money to pre-empt liquidity tightness expected on account of advance tax payments,” Lakshmanan V, treasury head, Federal Bank, said.
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