The call money rate dropped to its intra-day high at 11.25 percent yesterday compared to its previous day's record high at 12 percent on Thursday. But in most deals, the call money rate ranged between 7.50 percent and 9.50 percent, they said.

The whole country is now under the grip of the last minutes Eid-shopping. All markets remain crowded with buyers from morning till mid-night. Traders at this time enjoy highest sale turnover and earn the lion's share of their profits.

"Traders are now depositing their money and pressure on liquidity is easing day by day," a fund manager of a leading commercial bank said.

The call money rate jumped to its record high at 12 percent last week due to huge loan and deposit withdrawals on the occasion of Eid. More than 1,200 crore cash have been withdrew from the cash vaults of different banks on Thursday only, fund managers said.

Government, corporate bodies and other organisations paid salaries, Eid festival bonus to their employees and other payments. This put serious pressure on liquidity of some private banks who had to borrow call money at such a high rate.

But the spiralling call money rate has come down due to fund inflow from businessmen just ahead of three-day Eid holiday, dealers said.