Indian FX/debt factors to watch-May 24

Wed May 23, 2012 11:10pm EDT

MUMBAI, May 24 (Reuters) - 	
    GLOBAL MARKETS ROUNDUP	
    * USD/INR likely to remain well bid as global
sentiment continues to be cautious; pair last closed at
55.9950/56.0050 after hitting record high of 56.225.	
    Although dealers see no direct impact on USD/INR from the
hike in petrol prices, the pair may fall if stock market reacts
positively and rallies on the hike. [ 	
    * Asian shares were steady but remained vulnerable on
Thursday amid signs European leaders were unable to deliver
meaningful measures to resolve the region's deepening debt
crisis.  	
    * The embattled euro hovered just above a near two-year low
against the dollar on Thursday and remained vulnerable to
further declines as the prospect of a Greek exit from the euro
zone kept investors on tenterhooks.  	
    * Brent crude oil gained more than $1 per barrel on
Thursday, as traders covered short positions after recent falls.
 	
 	
    OVERNIGHT NEWS	
    * Indian state oil companies will raise the price of petrol
on Thursday for the first time in more than six months in a
gesture of fiscal discipline that economists said is unlikely to
give a significant lift to the embattled rupee. 	
    * India's Mangalore Refinery and Petrochemicals Ltd
 confirmed it will cut crude imports from Iran this
fiscal year to 100,000 barrels per day (bpd), as Asian buyers
hope for a waiver from tighter looming Western sanctions on
Tehran. 	
    	
     KEY EVENTS TO WATCH	
    * RBI board meets in the north Indian city of Mussoorie.	
    * India's Telecom Commission, a government panel, starts
meeting at 0800 GMT to discuss the sector regulator's proposals
to raise prices in an upcoming airwaves auction. 	
    	
    EXTERNAL COMMERCIAL BORROWINGS / MAJOR DEALS	
    * Amid a wave of Indian issuers struggling to refinance
busted CBs, Man Industries has repaid its $64.35 million of zero
coupon convertible bonds due May 23. The company, which
manufactures pipes, now has no further CBs outstanding. (IFR)	
    * The $280 million seven-year loan for Forbes Bumi Armada
Offshore has received a few in-principle approvals. The loan is
the take-out of a $100 million nine-month bridge sealed by the
company in March. (IFR)	
    *Six to seven banks are in talks with Yes Bank for
a one-year term loan. The size of the facility could be around
$180 million-$200 million given lending appetite. Previously,
the loan size envisaged was at about $ 125 million-$150 million.
(IFR)	
	
    USD/INR NDFs (NY closing prices)	
    * For up-to-date prices, double click 	
    Close    Open   High Low   Volume	
    56.68-73 56.54 56.96 56.49  High	
    	
    FII INVESTMENTS-EQUITIES (Net rupees) 	
    May 23*           -3.61  bln	
    Month-to-date**     1.52  bln	
    Year-to-date**    429.93 bln	
    * Provisional NSE data	
    ** Source: SEBI (reporting date as of May 22, as submitted
by custodians)	
    	
    FII INVESTMENTS-DEBT (Net Rupees)  	
                Debt        	
    May 21          -3.83 bln         	
    Month-to-date   7.10 bln        	
    Year-to-date  163.21 bln        	
    Source: SEBI (reporting date as of May 22, as submitted by
custodians)	
        	
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)	
                               May 23	
    Foreign Banks                  5.52 bln	
    Public Sector Banks               -5.27 bln	
    Private Sector Banks              -3.47 bln	
    Mutual Funds                     -610.8 mln 	
    Others                             7.09 bln	
    Primary Dealers                   -3.28 bln	
    Source: Clearing Corp of India Ltd	
    	
    WEEKLY GOVERNMENT BOND AUCTIONS (In rupees)	
MATURITIES          DATE        AMOUNT	
2018,2021, 2027,    May 25      150.00 bln	
2036 Bonds	
OMO Bonds	
2024, 2020, 2027,   May 25      120.00 bln	
2030 Bonds	
             	
    BOND INTEREST/REDEMPTIONS 	
    INSTRUMENT           PAYMENT   DATE    AMOUNT (Mln rupees)	
SDL 08.39%, 2020         Interest   May 24            891.44  	
(3 States)  	
SDL 08.40%, 2020         Interest   May 24            420.00  	
(GUJARAT)  	
9.00% 2013               Interest   May 24            788.10  	
7.94% 2021               Interest   May 24          19453.00  	
SDL 08.03%, 2019         Interest   May 25            128.48  	
(PUNJAB)  	
SDL 08.05%, 2019         Interest   May 25           1479.59  	
(3 States)  	
SDL 08.05%, 2020         Interest   May 25            201.25  	
(RAJASTHAN)  	
SDL 08.06%, 2019         Interest   May 25            201.50  	
(RAJASTHAN)  	
SDL 08.07%, 2020         Interest   May 25            766.65  	
(3 States)  	
SDL 08.09%, 2020         Interest   May 25            488.43  	
(GUJARAT)  	
SDL 08.10%, 2019         Interest   May 25            980.06  	
(2 States)  	
SDL 08.10%, 2020         Interest   May 25            405.00  	
(UTTAR PRADESH)  	
91 days T-Bill           Redemption May 25          90000.00  	
182 days T-Bill          Redemption May 25          40000.00  	
SDL 08.66%, 2021         Interest   May 26            433.00  	
(UTTAR PRADESH)  	
SDL 08.67%, 2021         Interest   May 26            433.50  	
(ANDHRA PRADESH)  	
SDL 08.68%, 2021         Interest   May 26            868.00  	
	
For full table, see 	
	
    LIQUIDITY, as of May 23	
    * The Reserve Bank of India said on Wednesday it accepted
all 48 bids for 1.05 trillion rupees at its one-day repo
auction, through which it injects liquidity into the banking
system. It received a sole bid for 100 million rupees at its
reverse repo auction.  	
    * Indian bank refinancings with RBI fall to 85.77 bln
rupees 	
    * Indian banks' cash balances with RBI rise to 3.13 trln
rupees. 	
	
 (Compiled by Subhadip Sircar; Editing by Rafael Nam)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.