Indian FX/debt factors to watch - Nov 21

Wed Nov 21, 2012 8:44am IST

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GLOBAL MARKETS ROUNDUP
    * Asian shares steadied on Wednesday, after two days of
gains, as investors refocused on the risk of a U.S. fiscal
crisis following Federal Reserve Chairman Ben Bernanke's remarks
that the budget impasse was already damaging growth. 
    * The yen slumped to 7-1/2-month lows against the dollar on
Wednesday and fell nearly as far against the euro on views
Japan's central bank will be pushed into implementing more
radical monetary expansion policies. 
    * Oil fell from a one-month high on Tuesday amid signs of a
ceasefire that would end a week of rocket attacks and air
strikes between Palestinians and Israelis. 
    * U.S. Treasury debt prices fell for a second day on Tuesday
in thin volume as investors gained faith lawmakers in Washington
will reach a deal to avert the so-called "fiscal cliff" of
spending cuts and tax hikes due to take effect in early
2013. 

    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 18,329.32 points (-0.05 pct)
    * NSE index 5,571.55 points (flat)  
    * Rupee 55.0950/1050 per dollar (55.06/07)
    * 10-year bond yield 8.20 pct (8.19 pct) 
    * 5-year OIS rate 7.17 pct (7.15 pct) 
    * 1-year OIS rate 7.76 pct (7.74 pct) 
    * Call money 8.05/8.10 pct (8.05/8.10 pct)
    
    OVERNIGHT NEWS
    * India's government aims to pass bills opening up the
insurance and pension sectors to foreign investors in
parliament's  forthcoming session, a minister said on Tuesday,
the next step in a reform programme seen as key to reviving
economic growth. 
    * India's central bank has extended the relaxation of the
period of realization and repatriation to the country of the
full value of goods or software exported by six months.
 
    * India received bids worth 150.69 billion rupees ($2.74
billion) in unused foreign debt limits for government and
corporate bonds, more than the 106.16 billion rupees on offer,
two market sources said on Tuesday. 
    
    KEY FACTORS/EVENTS TO WATCH
    * The Bharatiya Janata Party (BJP), the principal opposition
party in India, plans to hold protests around the country,
against corruption, price rise and FDI in the supermarket sector
on Wednesday, just a day before the winter session of parliament
begins.
    * Reserve Bank of India Deputy Governor Subir Gokarn, who
handles the monetary policy, will address college students in
Mumbai on 'The Current Economic Scenario in India' in the
morning. In the evening, Gokarn will preside over the Exim Bank
Commencement Day Annual Lecture on 'Developments in the World
Trading System: India's Options'. 
    * RBI Deputy Governor Keshab Chandra Chakrabarty is
scheduled to give a keynote address at ASSOCHAM's 8th Annual
Banking Summit in New Delhi. 
           
    MAJOR DEALS/EXTERNAL COMMERCIAL BORROWINGS
    * A jumbo 259 billion rupee (US$4.7bn) project finance loan
for Tata Steel is likely to be launched into syndication in two
weeks. (IFR)
    * Andhra Pradesh Expressway, a SPV of IL&FS Transportation
Networks, raised 5.3 billion rupees (US$96m) from a 13-year
amortising bond sale. Sole bookrun by JP Morgan India, the sale
is the first such in two years. (IFR)
        
    USD/INR NDFs (NY closing prices)  
    * For up-to-date prices, double click 
      Close      Open      High     Low      Volume 
    55.36-40    55.30     55.40    55.30      High

    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Nov. 20*                  $26.02 mln#
    Month-to-date**          $936.01 mln 
    Year-to-date**            $18.97 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Nov. 20 on
SEBI website.
    #(As per Reuters conversion, $1 = 55.10 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Nov. 19                -$43.32 mln
    Month-to-date          -$82.34 mln
    Year-to-date             $6.19 bln                    
    * Source: Data as per custodial filing as on Nov. 20 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Nov. 20
    Foreign Banks                       -3.63 bln
    Public Sector Banks                  5.12 bln
    Private Sector Banks                 5.76 bln
    Mutual Funds                         2.30 bln 
    Others                               2.04 bln
    Primary Dealers                    -11/59 bln
    Source: Clearing Corp of India Ltd
    
    MONEY MARKET INFLOWS
INSTRUMENT               PAYMENT     DATE    AMT (IN MLN RUPEES)
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 41 bids for 1.05 trillion rupees at its one-day repo
auction, through which it injects liquidity into the banking
system. It also accepted the sole bid for 300 million rupees at
its reverse repo auction through which it injects liquidity into
the banking system. 
    * Indian banks' refinancing with RBI rises to 188.69 billion
rupees. 
    * Indian banks' cash balances with RBI fall to 3 trillion
rupees. 

 (Compiled by Swati Bhat)
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