Indian FX/debt factors to watch - Nov 20

GLOBAL MARKETS ROUNDUP
* Asian shares rose on Tuesday on hopes of a compromise in
the U.S. fiscal crisis, while the euro fell after Moody's
Investors Service scrapped France's top-notch credit rating,
reminding investors of the protracted euro zone debt crisis.

* The euro fell on Tuesday after Moody's stripped France of
its prized triple-A rating, while the yen hovered near a
seven-month low against the dollar ahead of a Bank of Japan
policy decision due later in the day.
* Oil rose 2.5 percent on Monday to its highest price since
mid-October, fuelled by supply concerns as violence in the
Middle East escalated and as investors grew more hopeful that a
U.S. budget crisis will be averted.
* U.S. Treasuries were steady in Asia on Tuesday after
posting small losses the previous day on optimism that U.S
lawmakers may reach a deal to avert the "fiscal cliff", which
threatens to push the U.S. economy into a recession.

LOCAL MARKETS PREVIOUS CLOSE
* BSE index 18,339.00 points (0.16 pct)
* NSE index 5,571.40 points (-0.05 pct)
* Rupee 55.06/07 per dollar (55.1650/1750)
* 10-year bond yield 8.19 pct (8.19 pct)
* 5-year OIS rate 7.15 pct (7.13 pct)
* 1-year OIS rate 7.74 pct (7.72 pct)
* Call money 8.05/8.10 pct (8.00/8.05 pct)

OVERNIGHT NEWS
* The slowing Indian economy is not responding to shock
therapy. The stock market rally that began in September after
the government unveiled its high-decibel reforms programme is
fizzling out.

KEY FACTORS/EVENTS TO WATCH
* Finance Minister P. Chidambaram will be in Bangalore for a
meeting with the chief ministers of South Zone states and chiefs
of state-run banks and financial institutions at 0730 GMT.
* The Reserve Bank of India Governor Duvvuri Subbarao will
give an address on 'G20 and India' in Mumbai on Tuesday, two
weeks after the G20 group met in Mexico, where the governor had
indicated that there is room for easing monetary policy as early
as January. Event to start at 1230 GMT.

MAJOR DEALS/EXTERNAL COMMERCIAL BORROWINGS
* Three state-owned companies - India Infrastructure Finance
Co (IIFCL), Rural Electrification Corp (REC) and Power Finance
Corp (PFC) - called for bids today for up to 15 bn rupees
(US$272m) of their respective tax-free bonds. (IFR)

USD/INR NDFs (NY closing prices)
* For up-to-date prices, double click
Close Open High Low Volume
55.07-12 55.28 55.30 55.05 High

FII INVESTMENTS-EQUITIES (Net dollars)

Nov. 19* -$27.59 mln#
Month-to-date** $811.18 mln
Year-to-date** $18.85 bln
* Provisional NSE data
** Source: Data as per custodial filing as on Nov. 19 on
SEBI website.
#(As per Reuters conversion, $1 = 55.10 rupees)

FII INVESTMENTS-DEBT (Net Dollars) *
Debt
Nov. 16 -$105.99 mln
Month-to-date -$39.02 mln
Year-to-date $6.23 bln
* Source: Data as per custodial filing as on Nov. 19 on SEBI
website.

GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
Nov. 19
Foreign Banks -2.07 bln
Public Sector Banks 0.87 bln
Private Sector Banks -3.84 bln
Mutual Funds 3.75 bln
Others 2.58 bln
Primary Dealers -1.29 bln
Source: Clearing Corp of India Ltd

MONEY MARKET INFLOWS
INSTRUMENT PAYMENT DATE AMT (IN MLN RUPEES)
SDL 06.80%, 2012 Redemption Nov 20 878.90
(PUNJAB)
SDL 06.93%, 2012 Redemption Nov 20 4655.93
(2 States)
SDL 06.94%, 2012 Redemption Nov 20 2555.71
(MADHYA PRADESH)
8.37% FRB 2014 Interest Nov 20 2092.50
SDL 07.77%, 2018 Interest Nov 21 135.98
(KERALA)
SDL 07.80%, 2018 Interest Nov 21 780.00
(2 States)
SDL 07.85%, 2018 Interest Nov 21 392.50
(UTTAR PRADESH)
SDL 07.86%, 2018 Interest Nov 21 589.50
(WEST BENGAL)
SDL 09.12%, 2022 Interest Nov 23 1368.00
(3 States)
SDL 09.13%, 2022 Interest Nov 23 136.95
(PUNJAB)
SDL 09.15%, 2022 Interest Nov 23 457.50
(KERALA)
SDL 09.17%, 2022 Interest Nov 23 687.75
(UTTAR PRADESH)
SDL 09.19%, 2021 Interest Nov 23 32.17
(GOA)
SDL 09.21%, 2021 Interest Nov 23 115.13
(PUNJAB)
SDL 09.22%, 2021 Interest Nov 23 479.44
(3 States)
SDL 09.22%, 2022 Interest Nov 23 691.50
(WEST BENGAL)
SDL 09.23%, 2021 Interest Nov 23 638.25
(2 States)
SDL 09.25%, 2021 Interest Nov 23 693.75
(2 States)
SDL 09.28%, 2021 Interest Nov 23 464.00
(WEST BENGAL)
SDL 09.33%, 2021 Interest Nov 23 81.64
(JAMMU & KASHMIR)
12.60% 2018 Interest Nov 23 7958.08
91 days T-Bill Redemption Nov 23 111220.00
182 days T-Bill Redemption Nov 23 50000.00
For full table:

WEEKLY GOVERNMENT AUCTIONS
MATURITIES DATE AMOUNT (In rupees)
T-Bills Nov. 21 100 bln
Bonds Nov. 23 130 bln

LIQUIDITY
* The Reserve Bank of India (RBI) said on Monday it accepted
all 43 bids for 1.11 trillion rupees at its one-day repo
auction, through which it injects liquidity into the banking
system. It also accepted the sole bid for 150 million rupees at
its reverse repo auction through which it injects liquidity into
the banking system.
* Indian banks' refinancing with RBI rises to 185.44 billion
rupees.
* Indian banks' cash balances with RBI fall to 2.88 trillion
rupees.

(Compiled by Swati Bhat)