Indian FX/debt factors to watch - Dec 27

Thu Dec 27, 2012 8:06am IST

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GLOBAL MARKETS ROUNDUP
    * Asian shares were capped on Thursday on investor edginess
about the chances of U.S. lawmakers striking a deal to avoid a
fiscal crunch by Dec. 31, while the yen stayed under pressure on
the prospect of drastic monetary easing and massive fiscal
spending. 
    * The yen hit a two-year low against the dollar on Thursday,
reflecting expectations that the new government of Prime
Minister Shinzo Abe will push to weaken Japan's currency and
implement aggressive stimulus. 
    * U.S. oil futures rose to their highest in more than nine
weeks on Wednesday on hopes that renewed talks will prevent a
U.S. fiscal crisis, and as cold weather and technical buying
added to the upward momentum. 
    * U.S. Treasuries gained in price on Wednesday in light,
post-Christmas trading, on chances of new volatility over fears
about tax increases and spending cuts due to kick in as early as
next week. 

    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 19,417.46 (0.84 pct)
    * NSE index 5,905.60 (0.85 pct)
    * Rupee 54.8350/8450 per dollar (54.95/96)
    * 10-year bond yield 8.11 pct (8.13 pct) 
    * 5-year OIS rate 7.16 pct (7.17 pct) 
    * 1-year OIS rate 7.63 pct (7.63 pct) 
    * Call money 8.10/8.15 pct (8.05/8.15 pct)
            
    KEY FACTORS/EVENTS TO WATCH
    * Indian Prime Minister to finalise economic targets for
five years to 2017 at a meeting of the National Development
Council.
             
    MAJOR DEALS/ACQUISITIONS
    * * India has rejected a proposal by autos-to-software
conglomerate Mahindra & Mahindra Ltd to set up a joint
venture with Israel's Rafael Advanced Defense Systems Ltd, a
government statement said on Wednesday.  
    * India's cabinet approved selling a further stake in
state-run Rashtriya Chemicals & Fertilizers Ltd, a
minister said on Wednesday. 
       
    USD/INR NDFs (NY closing prices)   
    * For up-to-date prices, double click  
      Close      Open      High     Low      Volume  
    55.03.08    55.17     55.18    55.03    Moderate 
 
    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Dec. 26*                 $135.63 mln#
    Month-to-date**            $4.27 bln 
    Year-to-date**            $24.05 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Dec. 26 on
SEBI website.
    #(As per Reuters conversion, $1 = 54.8550 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Dec. 24                $141.44 mln
    Month-to-date          $393.82 mln
    Year-to-date             $6.72 bln                    
    * Source: Data as per custodial filing as on Dec. 26 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Dec. 26
    Foreign Banks                        2.51 bln
    Public Sector Banks                -21.50 bln
    Private Sector Banks                 8.94 bln
    Mutual Funds                         6.89 bln 
    Others                              -2.91 bln
    Primary Dealers                      6.07 bln
    Source: Clearing Corp of India Ltd
    
    MONEY MARKET INFLOWS 
INSTRUMENT               PAYMENT    DATE     AMT (IN MLN RUPEES)
11.60% 2020              Interest   Dec 27           2900.00 
91 days T-Bill           Redemption Dec 28          77597.90 
364 days T-Bill          Redemption Dec 28          40020.00 
For full table: 
    
    ISSUANCES
ASSET                 DATE         AMOUNT (IN RUPEES)
Bond Sale           Dec. 28            120 bln
OMOs                Dec. 28             80 bln
            
    LIQUIDITY
    * The Reserve Bank of India (RBI) said on Wednesday it
accepted all 42 bids for 1.36 trillion rupees at its one-day
repo auction, through which it injects cash into the banking
system. It accepted both bids for 1.55 billion rupees at its
one-day reverse repo auction. 
    * Indian banks' refinancing with RBI falls to 222.62 billion
rupees. 
    * Indian banks' cash balances with RBI rise to 3.03 trillion
rupees. 

 (Compiled by Subhadip Sircar)
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