MARKET EYE WEEKAHEAD - Cash crunch, share sale key for India debt/fx
REUTERS - India's debt markets will likely focus on the cash situation with the government clamping down on spending. Repo bids are hovering over 1 trillion rupees and dealers will look at the possibility of any open market operations.
The cut in cash reserve ratio (CRR) will become effective only on February 9, injecting 180 billion rupees of liquidity in the system.
The rupee is expected to hold in a 52.50 to 53.70 broad range to the dollar next week.
Dollar inflows towards the stake sale in NTPC Ltd (NTPC.NS) is expected to keep the rupee in a bullish mode. Traders will be watching the non-farm payrolls data due to be published post market hours on Friday for opening cues on Monday.
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BACK IN JAIL
Subrata Roy, the jailed chief of India's Sahara conglomerate, is back in a cell after living in a makeshift prison office for two months as he tried to negotiate the sale of his luxury hotels, a jail official said. Full Article