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6 months ago
BUZZ-USD/INR volumes fall on bank union strike, state bond auction watched
February 28, 2017 / 6:05 AM / 6 months ago

BUZZ-USD/INR volumes fall on bank union strike, state bond auction watched

** USD/INR volumes down on lack of customer flows from bank branches as bank unions go on one-day strike

** Customer flows constitute nearly 90 percent of volume for most state-run banks, said a trader at a very large state-run bank

** Trading volume in dlr/rupee at a very large state-run bank down more than 60 percent in early trade - trader

** Indian bank unions have called a country-wide strike opposing consolidation and outsourcing in the sector

** Indian rupee at 66.7275 to the dollar vs 66.71 previous close

** Traders eyeing state bond auction cut-off yields due later in the day; demand from state-run banks, which are the usual investors, to be moderate due to strike

** The Reserve Bank of India will sell 251.36 bln rupees ($3.77 billion) of state bonds

** Insurance companies likely to lap up state bonds, say traders ($1 = 66.7425 Indian rupees)

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