LAF surplus as on Mar 5 moved to 64K crore from 41K crore while system liquidity surplus (adj for CRR balances) was seen at 28K cr (+20K cr day on day).
The WACR traded lower at 6.33%. Net liquidity absorbed through O/N V. Reverse Repo and SDF was at 167K crore.
RBI conducted an O/N VRRR for 100K cr which was fully taken up by market participants and RBI also announced a 15 day Variable Rate Repo auction of 50K cr for 07 Mar / 22 Mar to inject liquidity in lieu of the 100K cr VRR maturing on 7th Mar.
Advance Tax payment by Mar 15 followed by GST payments by Mar 20 will see liquidity worsen over the month. I am estimating advance tax payments at inr 200K crore.
C/T points have been gradually easing ahead of the $ 5bn S/B swap due to mature on 11 Mar 2024 with weighted average rate seen at 0.15 ps (0.64%) and having traded as low as 0.05 ps (0.22%)
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