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Indian FX/debt factors to watch-July 02
July 2, 2012 / 3:13 AM / 5 years ago

Indian FX/debt factors to watch-July 02

GLOBAL MARKETS ROUNDUP
    *  Asian shares rose on Monday with sentiment brightening at
the start of the third quarter after Europe agreed to shore up
the region's banks, while investor attention is turning to the
health of the U.S. economy. 
    * The rally in the euro and high-beta currencies took
a breather on Monday as investors looked for fresh reasons to
extend a risk rally sparked by initial euphoria over perceived
progress in efforts to resolve Europe's debt crisis. 
    * U.S. crude fell $1 a barrel on Monday on caution after
data from China showed factory activity slowed even further in
June. 
 
    OVERNIGHT NEWS 
    * State Bank of India, the country's largest
lender, has raised its interest rate by 25 basis points to 9
percent for three to five year tenor deposits of less than 1.5
million rupees ($26,900), the bank said in a statement on
Saturday. 
    * India's current account deficit touched a record high in
the March quarter, as surging imports and only moderate export
growth pushed up the trade deficit, keeping the balance of
payments in deficit for the second quarter in a
row. 
    * Indian banks' non-food credit growth slowed to 16.5
percent in May, compared with 21.9 percent in the year ago
period, the Reserve Bank of India said on Friday. 
    * India's total external debt stood at $345.8
billion at the end of March, up 13 percent on year, the finance
ministry said in a statement on Friday. 
    * India will sell 70 billion rupees ($1.3 billion) of 91-day
treasury bills and 50 billion rupees of 182-day t-bills on July
4, the Reserve Bank of India said in a statement on
Friday. 

        
    KEY EVENTS TO WATCH
    * India's Finance ministry officials meet mutual fund
industry and the stock market regulator.
    * India's May trade data to be released. (0630GMT)
    * Indian Ministerial panel meet on 2G airwave auction
starting price. (1030GMT)
    * India-Manufacturing PMI data for June to be
released.(0500GMT)
                         
    EXTERNAL COMMERCIAL BORROWINGS / MAJOR DEALS
    * Reliance Industries has incr eased its term loan
to $1.5 billion from $1 billion and has mandated 16 banks for
the financing. The deal now consists of a $1 billion five-year
tranche and a $500 million six-year tranche. It was originally a
sole five-year loan.(IFR)
    * Reliance Globalcom, the underseas cable unit of Indian
mobile operator Reliance Communications, said on
Monday it has launched a joint venture with Iraq that
substantially expands the country's broadband and
telecommunications links to the outside world. 

    USD/INR NDFs (NY closing prices) 
    * For up-to-date prices, double click 
    Close    Open   High Low   Volume
    55.70-75 56.45 56.40 55.70  High
    
    FII INVESTMENTS-EQUITIES (Net rupees) 
    June 29*            30.47 bln  
    Month-to-date**      N.A.
    Year-to-date**      N.A.
    * Provisional NSE data
    ** Source: Data not available on SEBI website. 
    
    FII INVESTMENTS-DEBT (Net Rupees)  
                Debt        
    June 28            N.A.    
    Month-to-date    N.A.        
    Year-to-date     N.A.        
    Source: Data not available on SEBI website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                               June 29
    Foreign Banks                -22.95 bln
    Public Sector Banks               28.08 bln
    Private Sector Banks              -4.35 bln
    Mutual Funds                       5.21 bln 
    Others                             8.34 bln
    Primary Dealers                  -14.32 bln
    Source: Clearing Corp of India Ltd
   
    
    WEEKLY GOVERNMENT BOND AUCTIONS (In rupees)
MATURITIES          DATE        AMOUNT
State Loans        July 3      32.8 bln
T-Bills            July 4      120 bln     
    
    LIQUIDITY, as of June 29
    * The Reserve Bank of India said on Friday it accepted all
30 bids for 410.10 billion rupees at its four-day morning repo
auction, and all 29 bids for 494.5 billion rupees at its
four-day afternoon repo auction through which it injects
liquidity into the banking system. It also accepted all 17 bids
for 77.6 billion rupees at its four-day reverse repo auction.
 
    * Indian bank refinancings with RBI rise to 111.01 bln
rupees 
    * Indian banks' cash balances with RBI rise to 3.19 trln
rupees. 

 (Compiled by Madhura Karnik)

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