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VRRR Auctions Push Call Rates Above Repo
Financial Express Chennai
|July 23, 2025
The overnight money market rates rose above the repo rate on Tuesday as a result of RBI's consistent variable rate reversal repo (VRRR) auctions and tax outflows, said market participants.
The weighted average call rate ended at 5.62%, compared with 5.48% on Monday, while the tri-party repo rate closed at 5.69%, up from 5.51%.
"System surplus has decreased due to tax outflows, and around ₹2 lakh crore is locked in VRRR, causing some pressure in the market on Tuesday," said a dealer with a state-owned bank. He added that banks borrowed from call and TREPS to manage tax outflows. The system liquidity declined to ₹2.40 lakh crore on Monday, from ₹3.04 lakh crore on July 20. The liquidity was as high as ₹4.25 lakh crore on July 4.
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