Reuters Market Eye - The government will release current account data for July-September on Monday amid expectations it will show a record high deficit, sending the balance of payments into negative territory.
Global risk factors will also be key for Indian debt and FX markets as U.S. lawmakers continue negotiations over the "fiscal cliff": failure to clinch a deal may send the dollar sharply higher.
However, hopes for interest rate cuts in January will gather steam in the new year.
RBI will also issue its T-bills issuance calendar for the Jan-March quarter, which will be watched closely to see whether RBI funds its extra borrowing with shorter-term paper.
Indian markets will remain open on January 1.
Reporting by Subhadip Sircar