Indian FX/debt factors to watch - Jan 21

Mon Jan 21, 2013 8:11am IST

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GLOBAL MARKETS ROUNDUP
    *  Asian shares edged lower on Monday, taking a breather
after hitting multi-month highs, while the yen touched a new low
ahead of the outcome of the Bank of Japan policy meeting this
week amid expectations of bold monetary easing measures.
 
    * The yen sank to a fresh 2-1/2 year low against the
greenback on Monday with investors giving the currency a wide
berth in the lead up to a Bank of Japan meeting that could see
the central bank commit to aggressive reflationary policy. 
 
    * Oil prices rose on Friday, recovering from an earlier dip
after news that the U.S. House of Representatives will consider
a bill to raise the debt ceiling enough to allow the country to
pay its bills for another three months. 
    * U.S. Treasury debt prices rose on Friday as the previous
session's sell-off lured bargain-minded investors and dealers
bought bonds to exit hedges on the corporate debt issues they
underwrote this week. 
       
    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 20,039.04 (+0.38 pct)
    * NSE index 6,064.40 (+0.42 pct)
    * Rupee 53.71/72 per dollar (54.385/395)
    * 10-year bond yield 7.86 pct (7.84 pct) 
    * 5-year OIS rate 7.15 pct (7.14 pct) 
    * 1-year OIS rate 7.56 pct (7.56 pct) 
    * Call money 8.00/8.10 pct Fri (8.05/8.15 pct)
       
      
    OVERNIGHT NEWS
    * India's regulations for share auctions have been eased to
help firms meet rules that at least 25 percent of their shares
be publicly traded by end-June. 
    * India's demand for diesel will stay buoyant despite its
plan to hike the price of the fuel in small monthly steps,
analysts and company officials said on Friday, and the country
will keep up the pace of its exports of diesel. 
   * Eleven Indian states will raise at least 99.02 billion
rupees ($1.8 billion) through state development loans on Jan.
22, the Reserve Bank of India said on Friday. 
     
    MAJOR DEALS/ACQUISITIONS
    * Tata Communications is eyeing a Singapore dollar deal,
joining other Indian borrowers who have successfully tapped the
market for diversification and cheaper costs in the last few
months. (IFR)
    * ICICI Securities and IDBI Capital have been mandated for
Rashtriya Chemicals and Fertilisers' 3.71-billion-rupee ($69
million) offer for sale likely in March. The sale was approved
by the government last month. (IFR)
   * Banks have been invited to join the up to $250-million
four-year term loan for Power Finance Corp at the top level.
(IFR)

    USD/INR NDFs (NY closing prices)   
    * For up-to-date prices, double click  
      Close      Open      High     Low      Volume  
    53.915-95    54.01     54.17    53.93      High
    
    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Jan. 18*                 $216.67 mln#
    Month-to-date**            $2.45 bln 
    Year-to-date**             $2.45 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Jan. 18 on
SEBI website.
    #(As per Reuters conversion, $1 = 53.815 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Jan. 17                -$95.22 mln
    Month-to-date         -$101.60 mln
    Year-to-date          -$101.60 mln                    
    * Source: Data as per custodial filing as on Jan. 18 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Jan. 18
    Foreign Banks                        1.86 bln
    Public Sector Banks                 16.25 bln
    Private Sector Banks               -33.29 bln
    Mutual Funds                        11.10 bln 
    Others                              14.38 bln
    Primary Dealers                    -10.30 bln
    Source: Clearing Corp of India Ltd
          
    MONEY MARKET INFLOWS                         (mln rupees)
Instrument               Payment    Date              Amount 
SDL 05.90%, 2017         Interest   Jan 21           2133.76 
(27 States) 
SDL 07.32%, 2016         Interest   Jan 21            115.85 
(ANDHRA PRADESH) 
SDL 07.33%, 2016         Interest   Jan 21             60.81 
(HARYANA) 
SDL 08.12%, 2020         Interest   Jan 21            203.00 
(RAJASTHAN) 
SDL 08.15%, 2020         Interest   Jan 21            786.93 
(2 States) 
SDL 08.18%, 2020         Interest   Jan 21            409.00 
(ANDHRA PRADESH) 
SDL 08.25%, 2020         Interest   Jan 21            907.50 
(4 States) 
SDL 08.27%, 2020         Interest   Jan 21             20.68 
(MEGHALAYA) 
SDL 08.29%, 2020         Interest   Jan 21             32.77 
(ARUNACHAL PRADESH) 
SDL 08.56%, 2021         Interest   Jan 21            214.00 
(PUNJAB) 
SDL 08.59%, 2021         Interest   Jan 21            429.50 
(GUJARAT) 
SDL 08.60%, 2021         Interest   Jan 21           1182.50 
(2 States) 
SDL 08.61%, 2021         Interest   Jan 21            430.50 
(WEST BENGAL) 
SDL 07.80%, 2019         Interest   Jan 22            312.00 
(2 States) 
SDL 07.85%, 2019         Interest   Jan 22           2158.75 
(3 States) 
SDL 07.00%, 2019         Interest   Jan 23           1097.25 
(3 States) 
SDL 07.09%, 2019         Interest   Jan 23            142.97 
(2 States) 
SDL 07.10%, 2019         Interest   Jan 23            649.74 
(2 States) 
SDL 07.13%, 2019         Interest   Jan 23            582.02 
(ANDHRA PRADESH) 
For the entire table click on: 
    
    ISSUANCES
PAPER             AMOUNT             DATE
State loans       99.02 bln rupees   Jan 22
T-Bills             100 bln rupees   Jan 23

    LIQUIDITY
    * The Reserve Bank of India (RBI) said on Friday it accepted
all 31 bids for 800.95 billion rupees at its three-day repo
auction, through which it injects cash into the banking system.
It also accepted the sole bid for 50 million rupees at its
reverse repo auction, through which it absorbs cash from the
system. 
    * Indian banks' refinancing with RBI stays at 218.06 billion
rupees. 
    * Indian banks' cash balances with RBI fall to 2.93 trillion
rupees. 

 (Compiled by Subhadip Sircar; Editing by Sunil Nair)
FILED UNDER:

Monetary Policy Committee

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