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India's interbank call money rate jumped to its highest level in four years, as borrowing surged on the last day of the financial year, traders said on Friday.
The three-day call money rate jumped to 8.10%, its highest since March 29, 2019, while the Reserve Bank of India's repo rate and Marginal Standing Facility Rate stood at 6.50% and 6.75%, respectively.
Traders said standalone primary dealers are on the borrowing side, while "banks are not even willing to lend high amounts even at 8%," a trader with a primary dealership said. (Reporting by Dharamraj Dhutia; Editing by Varun H K)