Indian FX/debt factors to watch - Nov 16
GLOBAL MARKETS ROUNDUP * Asian shares steadied on Friday after falling nearly 2 percent this week amid concerns about the looming U.S. "fiscal cliff", while Japanese stocks rallied for a second day on expectations of further monetary policy easing after an election next month. * The yen steadied in early Asian trading on Friday after plunging to a six-and-a-half month low against the dollar in the previous session on expectations that a new Japanese government would put pressure on the Bank of Japan to ease further. * Oil prices fell on Thursday when an increase in U.S. weekly jobless data and disappointing earnings results stoked economic concerns, and the market focused on violence in the Middle East. * U.S. government debt prices edged higher on Thursday on worries about protracted budget talks in Washington and a showdown between Israel and the Palestinians, but safe-haven gains were limited by sentiment that the market might be overbought. LOCAL MARKETS PREVIOUS CLOSE * BSE index 18,471.37 points (-0.79 pct) * NSE index 5,631.00 points (-0.63 pct) * Rupee 54.70/71 per dollar (54.88/89) * 10-year bond yield 8.19 pct (8.21 pct) * 5-year OIS rate 7.11 pct (7.14 pct) * 1-year OIS rate 7.71 pct (7.75 pct) * Call money 8.10/8.15 pct (8.10/8.15 pct) OVERNIGHT NEWS * India is open to further reforms to attract overseas investors into its airlines, a government source said, after a dearth of interest following changes to investment rules left Kingfisher and others still short of much-needed funds. * Westpac Banking Corp, Australia's third-largest lender by assets, said on Thursday it has opened its first branch in India that will offer wholesale and retail banking services including trade finance, deposits and remittances. * Indian state-run fuel retailers will cut gasoline prices by about 1.4 percent from Friday as global oil prices are relatively stable, the country's largest fuel retailer, Indian Oil Corp, said on Thursday. MAJOR DEALS/EXTERNAL COMMERCIAL BORROWINGS * Air India's bond sale worth 74 billion rupees ($1.35 billion) was fully subscribed and would save the company about one billion rupees a month in interest payments, Aviation Secretary K.N. Srivastava said on Thursday. * ICICI Bank, India's largest private sector bank, repeated the success of its debut renminbi deal in September in the retap which was priced on Thursday. The bank priced a Rmb500 million ($79 million) retap of its 4.90 percent 2015 offshore renminbi bonds at a 4.66 percent yield. (IFR) * State utility NTPC has received three bids in response to its request for proposals for a $250 million seven-year term loan. (IFR) * Eights banks this week sealed Rural Electrification Corp's three-year term loan, which was increased to $250 million from $150 million. Mandated lead arrangers and bookrunners State Bank of India and Sumitomo Mitsui Banking Corp held $100 million and $50 million, respectively. (IFR) USD/INR NDFs (NY closing prices) * For up-to-date prices, double click Close Open High Low Volume 55.17-22 55.16 55.22 55.05 High FII INVESTMENTS-EQUITIES (Net dollars) Nov. 15* $8.48 mln# Month-to-date** $634.61 mln Year-to-date** $18.67 bln * Provisional NSE data ** Source: Data as per custodial filing as on Nov. 15 on SEBI website. #(As per Reuters conversion, $1 = 54.79 rupees) FII INVESTMENTS-DEBT (Net Dollars) * Debt Nov. 12 $145.85 mln Month-to-date $386.99 mln Year-to-date $6.66 bln * Source: Data as per custodial filing as on Nov. 15 on SEBI website. GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees) Nov. 15 Foreign Banks -0.54 bln Public Sector Banks -13.24 bln Private Sector Banks 7.01 bln Mutual Funds 3.40 bln Others -2.33 bln Primary Dealers 5.70 bln Source: Clearing Corp of India Ltd MONEY MARKET INFLOWS INSTRUMENT PAYMENT DATE AMT (IN MLN RUPEES) 91 days T-Bill Redemption Nov 16 120000.00 364 days T-Bill Redemption Nov 16 42033.00 SDL 07.74%, 2016 Interest Nov 17 845.22 (6 States) SDL 07.80%, 2016 Interest Nov 17 35.48 (JAMMU & KASHMIR) SDL 07.82%, 2016 Interest Nov 17 61.08 (4 States) For full table: WEEKLY GOVERNMENT AUCTIONS (In rupees) MATURITIES DATE AMOUNT Govt Bonds Nov. 16 130 bln T-Bills Nov. 21 100 bln LIQUIDITY * The Reserve Bank of India (RBI) said on Thursday it accepted all 46 bids for 1.13 trillion rupees at its one-day repo auction, through which it injects liquidity into the banking system. It got no bids at the reverse repo auction. * Indian banks' refinancing with RBI rises to 147.71 billion rupees. * Indian banks' cash balances with RBI rise to 2.91 trillion rupees. (Compiled by Subhadip Sircar)
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
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U.S. President Barack Obama ended a landmark day in India on Monday with a pledge of $4 billion in investments and loans, seeking to release what he called the "untapped potential" of a business and strategic partnership between the world's largest democracies. Full Article | Slideshow