Indian FX/debt factors to watch - Dec 28

Fri Dec 28, 2012 8:12am IST

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GLOBAL MARKETS ROUNDUP
    *  The yen hit its lowest level in more than two years on
Friday as expectations of drastic monetary easing intensify,
underpinning Japanese equities, while Asian shares were capped
by worries the United States may run out of time to avoid a
fiscal crunch. 
    *  The yen's spiral continued on Friday, with the Japanese
currency  registering a more than two-year low against the
dollar and a 17-month nadir versus the euro in early Asian
trading on expectations of more stimulus steps from the
country's new government. 
    *  Oil prices eased in choppy trading on Thursday, buffeted
by unresolved U.S. budget talks and the possibility that looming
tax increases and spending cuts could push the top oil-consuming
economy into recession. 
    *  U.S. Treasury debt prices rose on Thursday on safe-haven
buying after the Senate majority leader hinted a federal budget
deal was unlikely before a year-end deadline, raising chances of
a burdensome package of tax hikes and spending cuts next
year. 

    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 19,323.80 (-0.48 pct)
    * NSE index 5,870.10 (-0.6 pct)
    * Rupee 54.93/94 per dollar (54.835/845)
    * 10-year bond yield 8.11 pct (8.11 pct) 
    * 5-year OIS rate 7.15 pct (7.16 pct) 
    * 1-year OIS rate 7.63 pct (7.63 pct) 
    * Call money 8.00/8.10 pct (8.10/8.15 pct)
            
    KEY FACTORS/EVENTS TO WATCH
    * RBI bond sale, OMO purchases.
    * RBI to release forex reserves, bank lending data at
1130GMT.
    
    OVERNIGHT NEWS
    * Indian states will borrow 550-600 billion rupees
($10.02-10.93 billion) from the market through state development
loans in the January-March quarter, the Reserve Bank of India
said on Thursday. 
    
    USD/INR NDFs (NY closing prices)   
    * For up-to-date prices, double click  
      Close      Open      High     Low      Volume  
    55.18-21    55.21     55.33    55.21    Moderate 
 
    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Dec. 27*                  $24.20 mln#
    Month-to-date**            $4.43 bln 
    Year-to-date**            $24.21 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Dec. 27 on
SEBI website.
    #(As per Reuters conversion, $1 = 54.9550 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Dec. 26                -$13.77 mln
    Month-to-date          $380.05 mln
    Year-to-date             $6.71 bln                    
    * Source: Data as per custodial filing as on Dec. 27 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Dec. 27
    Foreign Banks                        6.29 bln
    Public Sector Banks                -15.58 bln
    Private Sector Banks                -1.80 bln
    Mutual Funds                         9.45 bln 
    Others                              -0.20 bln
    Primary Dealers                      1.85 bln
    Source: Clearing Corp of India Ltd
    
    MONEY MARKET INFLOWS 
INSTRUMENT               PAYMENT    DATE     AMT (IN MLN RUPEES)
91 days T-Bill           Redemption Dec 28          77597.90 
364 days T-Bill          Redemption Dec 28          40020.00 
SDL 09.38%, 2018         Interest   Dec 31            375.20 
(WEST BENGAL) 
SDL 09.40%, 2018         Interest   Dec 31            235.00 
(ANDHRA PRADESH) 
SDL 09.59%, 2018         Interest   Dec 31            479.50 
(UTTAR PRADESH) 
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 Thursday it
accepted all 45 bids for 1.3 trillion rupees at its one-day repo
auction, through which it injects cash into the banking system.
It accepted all 3 bids for 2.45 billion rupees at its one-day
reverse repo auction. 
    * Indian banks' refinancing with RBI falls to 219.10 billion
rupees. 
    * Indian banks' cash balances with RBI rise to 3.08 trillion
rupees. 

 (Compiled by Subhadip Sircar)
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