The governing bank of the country, Reserve Bank of India (RBI) conducted a one day repo auction. RBI has injected Rs 397.55 billion in the 1-day repo auction held on Jul. 9, 2008.

However, the reverse repo auction wasn’t conducted and like on 8th July 2008, remained suspended for the day.

On the previous working day, i.e. Jul. 8, 2008, the RBI had injected Rs 287.35 billion in the 1-day repo auction via 26 bids. The reverse repo auctions had remained suspended for the day.

At the auction on the 9th of July, which was conducted under the liquidity adjustment facility, the central bank received 36 bids. All of these bids were all accepted.

An RBI official said that the repos were traded at a fixed rate of 8.50%, while reverse repos were traded at 6.00%.