Indian FX/debt factors to watch - Feb 12

Tue Feb 12, 2013 8:42am IST

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GLOBAL MARKETS ROUNDUP
    * The yen hovered near fresh lows against the dollar and
Japanese stocks jumped on Tuesday after a U.S. official voiced
support for Japan's drive to beat deflation, assuaging fears
that criticism of its aggressive stance on monetary policy would
mount. 
    * The euro rallied from nearly three-week lows against the
dollar on Monday after a European Central Bank policymaker said
Europe's shared currency was not overvalued at current
levels. 
    * Brent crude oil futures fell on Monday, with gasoline
futures leading losses after last week's blizzard in the U.S.
Northeast, one of the world's biggest gasoline markets, is
expected to have had little impact on regional fuel supplies.
 
    * U.S. Treasuries dipped slightly but remained within recent
ranges on Monday before new Treasury supply this week and a day
ahead of President Barack Obama's State of the Union address,
which will be watched for any signs of a deal on spending
cuts. 
       
    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 19,460.57 (-0.12 pct)
    * NSE index 5,897.85 (-0.10 pct)
    * Rupee 53.8450/8550 per dollar (53.50/51)
    * 10-year bond yield 7.86 pct (7.84 pct) 
    * 5-year OIS rate 7.26 pct (7.23 pct) 
    * 1-year OIS rate 7.63 pct (7.60 pct) 
    * Call money 7.80/7.85 pct (7.80/7.85 pct)
    
    FACTORS TO WATCH
    * India will release industrial output data for December
around 0530 GMT. 
    * India will release CPI inflation data around 11.00 IST
(0530 GMT).  
      
    OVERNIGHT NEWS
    * India's current account deficit is likely to reach a
record high in the fiscal year that ends in March, its central
bank governor warned, a gap which the bank said previously
needed to shrink for it to cut interest rates further.
 
    
    MAJOR DEALS/ACQUISITIONS
    * India-based Cipla Ltd has put on hold a $215
million bid for control of South African generic drug firm Cipla
Medpro, the chairman of the Indian drug maker said.
 
    * Bank of India is hoping to raise up to $500
million in dollar bonds, and is expected to meet investors in
Europe and Asia later this month, two sources with direct
knowledge of the deal said. 
    
    USD/INR NDFs (NY closing prices)    
    * For up-to-date prices, double click   
      Close      Open      High     Low      Volume   
    54.18-23    53.90      54.27    54.12     High
     
    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Feb. 11*                  $185.10 mln#
    Month-to-date**            $3.52 bln 
    Year-to-date**             $7.58 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Feb. 11 on
SEBI website.
    #(As per Reuters conversion, $1 = 53.80 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Feb. 8               -$280.59 mln
    Month-to-date         -$46.71 mln
    Year-to-date          $504.30 mln                    
    * Source: Data as per custodial filing as on Feb. 11 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Feb. 11
    Foreign Banks                       -3.05 bln
    Public Sector Banks                  7.36 bln
    Private Sector Banks                -3.91 bln
    Mutual Funds                        -2.32 bln 
    Others                               4.48 bln
    Primary Dealers                     -2.56 bln
    Source: Clearing Corp of India Ltd
   
    MONEY MARKET INFLOWS                         (mln rupees) 
Instrument               Payment    Date              Amount  
10.47% 2015              Interest   Feb 12           3366.11 
SDL 06.00%, 2013         Interest   Feb 14            150.00 
(2 States) 
SDL 06.02%, 2013         Interest   Feb 14             75.25 
(KERALA) 
SDL 06.03%, 2013         Interest   Feb 14            150.75 
(ANDHRA PRADESH) 
8.20% 2022               Interest   Feb 15          23629.26 
8.24% 2027               Interest   Feb 15          23644.08 
8.28% 2032               Interest   Feb 15          32576.46 
91 days T-Bill           Redemption Feb 15         112228.80 
182 days T-Bill          Redemption Feb 15          50000.00 
For full table: 

    ISSUANCES
Instrument          Amount              Date
Tbills            100 bln rupees      Feb. 13  
Dated bonds       120 bln rupees      Feb. 15    
    
    LIQUIDITY
    * The RBI said on Monday it accepted all 37 bids for 1.09
trillion rupees at its one-day repo auctions, through which it
injects cash into the banking system. It also accepted the sole
bid for 100 million rupees at its reverse repo auction, through
which it absorbs cash from the system. 
    * Indian banks' refinancing with RBI rises to 201.89 billion
rupees. 
    * Indian banks' cash balances with RBI rise to 2.90 trillion
rupees. 

 (Compiled by Swati Bhat)
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