India Money Market Operations Analysis: July 2, 2025

This report provides a detailed overview of the Indian money market operations on July 2, 2025. It covers key segments, including overnight and term markets, as well as interventions by the Reserve Bank of India (RBI) and the resulting liquidity adjustments.

Money Markets

Overnight Segment

• Total Volume (One Leg): ₹6,37,489.66 crore
• Weighted Average Rate: 5.16%
• Rate Range: 1.00-6.25%

The overnight segment saw significant activity, with a weighted average rate of 5.16%. The breakdown is as follows:

• Call Money: ₹16,924.02 crore at 5.27% (4.70-5.35%)
• Triparty Repo: ₹4,29,235.45 crore at 5.14% (5.00-5.21%)
• Market Repo: ₹1,89,448.64 crore at 5.20% (1.00-5.50%)
• Repo in Corporate Bond: ₹1,881.55 crore at 5.44% (5.35-6.25%)

Term Segment

• Notice Money (2-14 days, uncollateralized): ₹204.25 crore at 5.25% (4.90-5.35%)
• Term Money (15 days – 1 year, uncollateralized): ₹617.50 crore (5.30-5.75%)
• Triparty Repo: ₹2,275.00 crore at 5.25% (5.20-5.30%)
• Market Repo: ₹728.52 crore at 5.35% (5.35-5.35%)
• Repo in Corporate Bond: No transactions

RBI Operations

Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)

Today’s Operations (July 2, 2025):

• MSF: ₹3,410.00 crore at 5.75%
• SDF: ₹2,99,291.00 crore at 5.25%
• Net Liquidity Injected: -₹2,95,881.00 crore (absorption)

Outstanding Operations:

• Reverse Repo (Fine Tuning Operations): ₹84,975.00 crore at 5.49% (maturing July 4, 2025)

Standing Liquidity Facility (SLF)

• SLF Availed from RBI: ₹6,217.11 crore

Net Liquidity

• Net Liquidity from Outstanding Operations: -₹78,757.89 crore (absorption)
• Net Liquidity (Outstanding including today’s operations): -₹3,74,638.89 crore (absorption)

Reserve Position

• Cash Balances with RBI (July 2, 2025): ₹9,64,750.40 crore
• Average Daily Cash Reserve Requirement (fortnight ending July 11, 2025): ₹9,52,318.00 crore
• Government of India Surplus Cash Balance (July 2, 2025): ₹0.00 crore
• Net Durable Liquidity (June 13, 2025): ₹5,62,116.00 crore (surplus)

Data based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL). “-” indicates not applicable or no transaction. Net liquidity is calculated as Repo + MSF + SLF – Reverse Repo – SDF.

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