The banking system cash deficit, as measured by banks' borrowings from the Reserve Bank of India (RBI), was at ₹1.5 lakh crore as of Monday (December 16), the highest since June 24, according to a Bloomberg Economics index. The RBI has been net selling dollars since October, which has resulted in a substantial drain on liquidity, according to IDFC First Bank Ltd.The banking liquidity may widen further on the prospect of the RBI intervening in the currency market to curb currency losses amid a rising trade deficit and a stronger dollar. The rupee hit a new record low of 84.9337 per dollar on Tuesday.The cash deficit widened even as RBI has recently taken steps to boost liquidity, including a cut in the cash-reserve ratio (CRR) and higher amounts of funds offered through so-called variable rate repo auctions."Even after the CRR cut, at the most, the headline liquidity is likely to be neutral to marginally negative," Standard Chartered Bank economist Anubhuti Sahay said. "More measures are required to boost or keep liquidity in surplus going forward, either through open-market-bond purchases, more term repos, FX swaps or another CRR cut."The cash shortfall pushed up the interbank weighted average call rate—a benchmark for overnight borrowing costs—to as much as 35 basis points above the central bank's benchmark repo rate of 6.50%.

Banking liquidity deficit hits highest in six months

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