MUMBAI, March 14 (Reuters) - India’s four-day cash rate surged to a one-month high of 9.15 percent as banks rushed to cover their reserve needs ahead of a long weekend.
The one-day call rate closed on Thursday at 7.00/7.05 percent. Financial markets are shut on Monday for a public holiday.
Tight liquidity was evident as banks’ borrowing at the Reserve Bank of India’s repo window climbed to a one-month high of 364.71 billion rupees ($5.97 billion) from 342.11 billion rupees on Thursday.
At the RBI’s 21-day term repo auction, the central bank allotted 500 billion rupees, while banks had bid as high as 1.1 trillion rupees. ($1 = 61.1400 Indian rupees) (Reporting by Neha Dasgupta; Editing by Sunil Nair)