Liquidity dries up, may stay so for some days; Call rates rise

Reserve Bank of India (RBI) data showed liquidity in the banking system was at a large deficit of ₹1.1 lakh crore on December 16 due to quarterly advance tax outflows. Liquidity in the system was also drained on RBI interventions in the foreign exchange market, as it was seen selling dollars to stem a sharp fall in the rupee.