"Handshake across the Himalayas"
India and China will study new ways to ease tensions along their ill-defined border, Chinese Premier Li Keqiang said on Monday in his first foreign trip since taking office, which comes just weeks after a military stand-off between the Asian giants in the Himalayas. Full Article | Slideshow
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Indian swap rates fall, rupee gains after RBI cuts repo rate, CRR
MUMBAI Jan 29 (Reuters) - Indian swap rates fell while the rupee strengthened after the central bank cut interest rates by 25 basis points as expected, while also delivering a surprise cut in the cash reserve ratio.
The 1-year overnight index swap (OIS) rate, which is also sensitive to liquidity conditions, fell 5 basis points (bps) to 7.54 percent from levels before the decision. The 5-year OIS rate fell 3 bps to 7.14 percent, according to traders.
The Indian rupee strengthened to 53.79 from around 53.84 before the decision, while the NSE's banking sub-index was up 0.3 percent.
The 10-year bond yield was down 1 bp as the cut in the cash reserve ratio reduced the prospects of bond purchases via open market operations. (Reporting by Mumbai markets team; Editing by Anand Basu)
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