Call rates dropped on the overnight call money market here on Friday on excess liquidity in the banking system. The call rate dipped to finish at 6.50 per cent from 6.75 per cent yesterday. It moved in a range of 6.85-6.50 per cent. Three-day tenor moved in a range of 6.85 per cent and 6.40 per cent before concluding at 6.40 per cent.
The RBI under the Liquidity Adjustment Facility (LAF) purchased securities worth Rs 46,875 crore from 30 bids at three-days repo auction at a fixed rate of 6.50 per cent, while sold securities worth Rs 400 crore from one bid at three-days reverse repo auction at a fixed rate of 5.50 per cent.