Indian FX/debt factors to watch - Jan 4

Fri Jan 4, 2013 8:38am IST

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GLOBAL MARKETS ROUNDUP
    * Asian shares fell on Friday, tracking overnight weakness
in global equities, but the dollar gained as U.S. debt yields
rose after several Federal Reserve officials expressed concerns
about continuing to expand stimulative bond buying. 
    * The dollar rose to its highest against the yen in nearly 2
1/2 years on Friday, while the euro also firmed against the yen
on expectations that this year will bring more monetary stimulus
by the Bank of Japan. 
    * Brent crude fell below $112 a barrel on Friday as growing
doubts within the U.S. Federal Reserve about the side effects of
its stimulus programme and the prospect of more budget battles
in Washington curbed investor appetite for riskier assets. 
    * Yields on benchmark U.S. government debt hit a near
eight-month high on Thursday on signs of growing doubts within
the Federal Reserve on its bond-buying programme and after
stronger-than-expected private jobs data lifted hopes for
Friday's labour figures. 

    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 19,764.78 (+0.26 pct)
    * NSE index 6,009.50 (+0.27 pct)
    * Rupee 54.49/50 per dollar (54.35/36)
    * 10-year bond yield 7.97 pct (7.99 pct) 
    * 5-year OIS rate 7.12 pct (7.11 pct) 
    * 1-year OIS rate 7.59 pct (7.58 pct) 
    * Call money 7.95/8.05 pct (8.00/8.05 pct)
    
    KEY FACTORS/EVENTS TO WATCH
    * India-Services PMI for December to be published at 10:30
IST (0530 GMT)
    * India foreign exchange reserves data to be published by
the central bank at 1130 GMT.

    OVERNIGHT NEWS
    * The Reserve Bank of India Governor Duvvuri Subbarao said
on Thursday central banks need to be independent to make
monetary policy decisions during a speech at a memorial event
for the country's first Indian central bank governor.
 
      
    MAJOR DEALS/ACQUISITIONS
    * Jet Airways said it was in talks with Abu Dhabi's
Etihad Airways for a potential stake sale in the Indian carrier,
although terms have not been finalised yet. The statement was
the first confirmation of a potential deal by either side, a day
after an Indian government source said the Gulf carrier could
pay up to $330 million for a 24 percent stake in Jet.
 
        
    USD/INR NDFs (NY closing prices)   
    * For up-to-date prices, double click  
      Close      Open      High     Low      Volume  
    54.87-92    54.65     54.82    54.72    Moderate
    
    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Jan. 3*                  $256.40 mln#
    Month-to-date**          $564.13 mln 
    Year-to-date**           $564.10 mln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Jan. 3 on SEBI
website.
    #(As per Reuters conversion, $1 = 54.50 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Jan. 2                  $39.09 mln
    Month-to-date          $154.37 mln
    Year-to-date           $154.40 mln                    
    * Source: Data as per custodial filing as on Jan. 3 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Jan. 3
    Foreign Banks                       -3.12 bln
    Public Sector Banks                  2.69 bln
    Private Sector Banks                11.98 bln
    Mutual Funds                        -4.10 bln 
    Others                               3.24 bln
    Primary Dealers                    -10.68 bln
    Source: Clearing Corp of India Ltd
          
    MONEY MARKET INFLOWS
Instrument               Payment    Date           Amount 
                                               (mln rupees)
SDL 08.89%, 2022         Interest   Jan 04            222.25 
(RAJASTHAN) 
SDL 08.90%, 2022         Interest   Jan 04            578.50 
(2 States) 
SDL 08.91%, 2022         Interest   Jan 04            637.07 
(2 States) 
SDL 08.92%, 2022         Interest   Jan 04             22.30 
(MEGHALAYA) 
91 days T-Bill           Redemption Jan 04          80000.00 
182 days T-Bill          Redemption Jan 04          50000.00
SDL 08.38%, 2021         Interest   Jan 05            209.50 
(GUJARAT) 
SDL 08.39%, 2020         Interest   Jan 05            262.19 
(TAMIL NADU) 
SDL 08.39%, 2021         Interest   Jan 05            587.30 
(2 States) 
SDL 08.42%, 2021         Interest   Jan 05            201.70 
(JAMMU & KASHMIR)
For the entire table click on: 
    
    LIQUIDITY
    * The Reserve Bank of India (RBI) said on Thursday it
accepted all 31 bids for 972.65 billion rupees at its one-day
repo auction, through which it injects cash into the banking
system. It also accepted all 3 bids received for 24.05 billion
rupees at its reverse repo auction, through which it absorbs
cash from the system. 
    * Indian banks' refinancing with RBI falls to 206.76 billion
rupees. 
    * Indian banks' cash balances with RBI rise to 3.24 trillion
rupees. 

 (Compiled by Swati Bhat)
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