Indian FX/Debt Factors to Look for on Jan 15
January 15, 2013 5:12 PM EST
GLOBAL MARKETS ROUNDUP
* With large deficits providing fiscal support through social transfers and subsidies, the economy has become
segmented, characterized by weak exports and investment on one hand but relatively strong imports and consumption
on the other.
* The dollar languished at 11-month lows against the euro on Tuesday after comments from the head of the
Federal Reserve suggested the central bank was in no hurry to withdraw monetary stimulus from
the world's biggest economy.
* Brent crude oil rose by more than 1 percent toward $112 a barrel on Monday, boosted by a weak U.S. dollar,
strength in gasoline and diesel markets, and as investors weighed a statement from Saudi Arabia disputing
claims it has altered its output policy.
* U.S. government debt prices inched higher on Monday with benchmark yields near their lowest levels in about
1-1/2 weeks on the Federal Reserve's purchase of long-dated bonds and safe-haven bids due to weaker stock prices.
LOCAL MARKETS PREVIOUS CLOSE
* BSE index 19,906.41 (+1.23)
* NSE index 6,024.05 (+1.22 pct)
* Rupee 54.4950/5050 per dollar (54.7550/7650)
* 10-year bond yield 7.80 pct (7.87 pct)
* 5-year OIS rate 7.12 pct (7.18 pct)
* 1-year OIS rate 7.48 pct (7.53 pct)
* Call money 8.00/8.10 pct (7.90/7.95 pct)
* The Reserve Bank of India said on Monday that newly appointed Deputy Governor Urjit Patel will look after the bank's
monetary policy department and financial markets among other functions.
* The Indian government has extended a 2 percent interest payment subsidy on rupee export credits to March 31, 2014 for
certain employment-oriented sectors, the central bank said in a statement on Monday.
* India's central bank has opened a special window to provide exporters with dollar credit by allowing banks to borrow
the greenback from the central bank under a swap facility.
KEY FACTORS/EVENTS TO WATCH
* Bankers meet RBI deputy governor ahead of the central bank's policy on Jan. 29. The meeting is closed door, starting
at 0930 GMT.
* Pfizer Inc is considering buying India's Agila Specialties, the injectable-medicines unit of Indian drug
supplier Strides Arcolab Ltd, for a possible price of $2 billion, Bloomberg reported on Monday.
* Gail (India) signed a US$300m six-year term loan with 10 banks last month. Nine lenders committed close to US$150m
to the loan in general syndication and commitments were scaled back significantly. Sole mandated lead arranger
and bookrunner Sumitomo Mitsui Banking Corp took a ticket of US$200m. (IFR)
USD/INR NDFs (NY closing prices)
* For up-to-date prices, double click
Close Open High Low Volume
54.75-78 54.87 54.83 54.74 High
FII INVESTMENTS-EQUITIES (Net dollars)
Jan. 14* $112.13 mln#
Month-to-date** $1.75 bln
Year-to-date** $1.75 bln
* Provisional NSE data
** Source: Data as per custodial filing as on Jan. 14 on SEBI website.
#(As per Reuters conversion, $1 = 54.50 rupees)
FII INVESTMENTS-DEBT (Net Dollars) *
Jan. 11 -$214.62 mln
Month-to-date -$260.37 mln
Year-to-date -$260.40 mln
* Source: Data as per custodial filing as on Jan. 14 on SEBI website.
GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
Foreign Banks 36.36 bln
Public Sector Banks -17.74 bln
Private Sector Banks -13.88 bln
Mutual Funds 12.80 bln
Others -3.42 bln
Primary Dealers -14.11 bln
Source: Clearing Corp of India Ltd
MONEY MARKET INFLOWS
Instrument Payment Date Amount
8.07% 2017 Interest Jan 15 27841.50
8.19% 2020 Interest Jan 16 30303.00
SDL 07.61%, 2016 Interest Jan 18 266.54
SDL 08.67%, 2017 Interest Jan 18 216.75
SDL 08.80%, 2022 Interest Jan 18 8.80
SDL 08.83%, 2022 Interest Jan 18 529.80
SDL 08.84%, 2022 Interest Jan 18 1215.50
SDL 08.85%, 2022 Interest Jan 18 1508.93
SDL 08.88%, 2022 Interest Jan 18 444.00
SDL 08.89%, 2022 Interest Jan 18 222.25
(JAMMU & KASHMIR)
SDL 08.91%, 2022 Interest Jan 18 668.25
91 days T-Bill Redemption Jan 18 80210.00
182 days T-Bill Redemption Jan 18 50000.00
For the entire table click on:
PAPER AMOUNT DATE
Dated bonds 120 bln rupees Jan. 18
T bills 100 bln rupees Jan. 16
* The Reserve Bank of India (RBI) said on Monday it accepted all 33 bids for 968.30 billion rupees at its one-day repo
auction, 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
* Indian banks' refinancing with RBI rises to 219.62 billion rupees.
* Indian banks' cash balances with RBI rises to 2.91 trillion rupees.
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