Indian FX/debt factors to watch - Dec 11
GLOBAL MARKETS ROUNDUP * Asian shares and the euro steadied on Tuesday, drawing support from expectations that the U.S. Federal Reserve will take fresh economic stimulus measures this week. * The euro extended its recovery from a two-week low on Tuesday as nerves calmed over Italy's latest political turmoil and the prospects of more stimulus from the Federal Reserve pinned down the dollar. * Brent oil prices rose slightly on Monday after Chinese data showed oil imports increased last month, a sign of robust demand for commodities in the world's No. 2 oil consuming country. * U.S. Treasury debt prices edged higher on Monday as investors worried about budget battles in Washington, but a push for price concessions ahead of $66 billion in government debt sales this week kept gains modest. LOCAL MARKETS PREVIOUS CLOSE * BSE index 19,409.69 points (-0.07 pct) * NSE index 5,908.90 points (0.03 pct) * Rupee 54.49/50 per dollar (54.47/48) * 10-year bond yield 8.17 pct (8.17 pct) * 5-year OIS rate 7.08 pct (7.06 pct) * 1-year OIS rate 7.66 pct (7.64 pct) * Call money 7.85/7.90 pct Fri close (7.95/8.00 pct) OVERNIGHT NEWS * India has set a share sale in state miner NMDC Ltd for Wednesday, the company said, in a deal which sources said could add up to $1.1 billion to government efforts to ease its yawning budget deficit. * Bharti Infratel Ltd, the telecommunications tower arm of top Indian mobile carrier Bharti Airtel, said it will allot shares worth $120 million to cornerstone investors as part of its up to $832 million initial public offering. * The Reserve Bank of India (RBI) net sold $95 million in the spot forex market in October, compared with $10 million in the previous month, data from the central bank showed. KEY FACTORS/EVENTS TO WATCH * Banking reforms bill is likely to be voted in India's parliament * India's trade data for November to be released MAJOR DEALS/ACQUISITIONS * Rural Electrification Corp has extended the deadline for its request for proposals for a $150 million three-year term loan. * Larsen & Toubro said it had achieved financial closure on two road expansion projects in Maharashtra on Nov. 30. USD/INR NDFs (NY closing prices) * For up-to-date prices, double click Close Open High Low Volume 54.66-70 54.69 54.87 54.71 High FII INVESTMENTS-EQUITIES (Net dollars) Dec. 10* $128.04 mln# Month-to-date** $1.24 bln Year-to-date** $21.02 bln * Provisional NSE data ** Source: Data as per custodial filing as on Dec. 10 on SEBI website. #(As per Reuters conversion, $1 = 54.515 rupees) FII INVESTMENTS-DEBT (Net Dollars) * Debt Dec. 7 $154.34 mln Month-to-date -$235.44 mln Year-to-date $6.09 bln * Source: Data as per custodial filing as on Dec. 10 on SEBI website. GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees) Dec. 10 Foreign Banks 1.52 bln Public Sector Banks 4.25 bln Private Sector Banks -2.40 bln Mutual Funds 0.35 bln Others -0.58 bln Primary Dealers -3.14 bln Source: Clearing Corp of India Ltd MONEY MARKET INFLOWS INSTRUMENT PAYMENT DATE AMOUNT (IN MLN RUPEES) SDL 06.67%, 2012 Redemption Dec 11 3,044.77 (ANDHRA PRADESH) 8.15% 2022 Interest Dec 11 23,635.00 SDL 06.35%, 2013 Interest Dec 12 2,223.02 (28 States) SDL 06.95%, 2018 Interest Dec 12 260.63 (TAMIL NADU) SDL 07.00%, 2018 Interest Dec 12 247.81 (3 States) SDL 07.02%, 2018 Interest Dec 12 246.46 (PUNJAB) SDL 07.03%, 2018 Interest Dec 12 790.88 (2 States) SDL 07.10%, 2018 Interest Dec 12 532.50 (ANDHRA PRADESH) 6.05% 2019 Interest Dec 12 3327.50 6.17% 2023 Interest Dec 12 4319.00 8.83% 2041 Interest Dec 12 25607.00 SDL 08.74%, 2021 Interest Dec 14 152.95 (PUNJAB) 7.17% 2015 Interest Dec 14 20076.00 91 days T-Bill Redemption Dec 14 95370.00 364 days T-Bill Redemption Dec 14 40000.00 For full table: WEEKLY GOVERNMENT AUCTIONS MATURITIES DATE AMOUNT (In rupees) OMO Dec. 11 120 bln T-Bills Dec. 12 100 bln LIQUIDITY * The Reserve Bank of India said on Monday it accepted all 29 bids for 907.90 billion rupees at its one-day repo auction, through which it injects liquidity into the banking system. It said it accepted the sole bid for 10 billion at its reverse repo auction through which it absorbs liquidity from the system. * Indian banks' refinancing with RBI falls to 220.76 billion rupees. * Indian banks' cash balances with RBI falls to 2.77 trillion rupees. (Compiled by Subhadip Sircar and Archana Narayanan)
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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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