The water level in Yamuna had started showing a falling trend since Wednesday afternoon after touching 206.60 meters.
The river breached the danger mark of 205.33 metres on Monday night, and the authorities were expecting the level to go up to 207 metres by Wednesday.
However, the river showed a steady trend since the wee hours of Wednesday, a Flood Control Department official told .
"The water level, which was steady at 206.60 metres stared showing a falling trend since afternoon. Although water is reducing, the situation is critical and we are keeping a close eye on it," the official said.
The water level was rising due to rains in northern India and discharge of water from Hathni Kund Barrage in Haryana.
The water discharged from the barrage which provides drinking water to Delhi normally takes 72 hours to reach the capital, the official said.
Thousands of people living along the banks of the Yamuna were being moved to safer places since Sunday. However, people are being asked to stay in the tents until the water level comes down to normal.
Rail and vehicular traffic on the Old Yamuna Bridge have been suspended as the water level rose.
The Yamuna had crossed the warning mark of 204.5 metres late on Sunday night.
Delhi witnessed the worst floods in 1978 when the river's level touched a record 207.49 metres.
( With inputs from IANS )