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Mumbai: The Reserve Bank of India ( RBI ) injected funds into the banking system as the weighted average call rate, a barometer for short-term borrowing costs, rose 23 basis points above the policy repo rate at 6.73% on Friday. Surplus liquidity in the banking system shrank to ₹84,154.75 crore due to monthly GST outflows. This is akin to a fine-tuning exercise to manage call rates near the repo rate, as monthly tax outflows drew surplus liquidity out of the banking system, money market experts said. The RBI injected funds worth ₹25,000 crore via a variable rate repo auction (VRR) to ensure that recent overseas outflows from local debt and equity do not drive up banks' cost of funds, analysts said. This is the second such auction that the RBI has conducted post its change in stance to neutral from withdrawal of accommodation. On Thursday, surplus liquidity - as measured by absorption of funds by the RBI - dropped to a one-month low of ₹84,154.75 crore, central bank data showed. "The RBI has been very flexible and quick to manage liquidity. I am also expecting some VRR auctions to happen around mid December when there are advance tax outflows," said Vikas Goel, MD and CEO at PNB Gilts . "The RBI wants to keep durable liquidity positive and roughly about 1% to 1.2% of NDTL, to make sure that the call rates don't move away from the repo rate," he said. Web Development A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Marketing Future of Marketing & Branding Masterclass By - Dr. David Aaker, Professor Emeritus at the Haas School of Business, UC Berkeley, Author | Speaker | Thought Leader | Branding Consultant View Program Finance AI and Generative AI for Finance By - Hariom Tatsat, Vice President- Quantitative Analytics at Barclays View Program Marketing Marketing & Sales Strategies for Startups: From Concept to Conversion By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Finance Tally Prime & GST Accounting: Complete Guide By - CA Raj K Agrawal, Chartered Accountant View Program Web Development JavaScript Essentials: Unlock AI-Driven Insights with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) ChatGPT Mastery from Zero to Hero: The Complete AI Course By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Advanced Java Mastery: Object-Oriented Programming Techniques By - Metla Sudha Sekhar, IT Specialist and Developer View Program Office Productivity Microsoft Word Mastery: From Beginner to Expert By - CA Raj K Agrawal, Chartered Accountant View Program Web Development Master RESTful APIs with Python and Django REST Framework: Web API Development By - Metla Sudha Sekhar, IT Specialist and Developer View Program Leadership From Idea to Product: A Startup Development Guide By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Office Productivity Mastering Microsoft Office: Word, Excel, PowerPoint, and 365 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Leadership Validating Your Startup Idea: Steps to Ensure Market Fit By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Marketing Digital Marketing Masterclass by Neil Patel By - Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing Guru View Program In the auction on Friday, the RBI received bids worth ₹35,420 crore from banks versus the notified amount of ₹25,000 crore, reflecting the need for funds from lenders. So far in November, the rupee has weakened nearly 0.5% to 84.45/$1 and foreign investors have sold $4 billion from Indian stocks and bonds, depository data showed. Likely intervention by the RBI has capped the rupee from depreciating further, currency dealers said. Nominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. (You can now subscribe to our Economic Times WhatsApp channel )GOOD Party slams Schreiber for 'silence' over request to cancel Chris Brown's visa to perform in SASuperpower showdown: How US-China economic warfare could play out under Trump

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