Indian FX/debt factors to watch - Nov 14
GLOBAL MARKETS ROUNDUP * Asian share markets were set to bounce on Thursday after Federal Reserve Vice Chair Janet Yellen said the Fed has "more work to do" to help the economy, spurring U.S. stocks higher and putting the dollar on the defensive. * Investors made short shrift of the dollar early in Asia on Thursday after dovish comments from Fed Chairman-elect Janet Yellen suggested the U.S. central bank might not be near scaling back its stimulus, sending Treasury yields lower. * Oil futures on both sides of the Atlantic rose more than 1 per barrel on Wednesday as support from Libyan supply outages offset forecasts for increases in U.S. stockpiles. * U.S. Treasury debt prices rose on Wednesday after Janet Yellen reinforced the market's view that the central bank will maintain accommodative monetary polices for awhile longer. LOCAL MARKETS PREVIOUS CLOSE * BSE index 20,194.40 (-0.43 pct) * NSE index 5,989.60 (-0.47 pct) * Rupee 63.30/31 per dlr (63.71/72 per dlr) * 10-year bond yield 8.92 pct (9.05 pct) * 5-year OIS rate 8.42 pct (8.54 pct) * 1-year OIS rate 8.57 pct (8.68 pct) * Call money 8.60/8.70 pct (8.70/8.75 pct) OVERNIGHT NEWS * India's central bank governor, Raghuram Rajan, expressed comfort on Wednesday about core inflation and highlighted the narrowing current account deficit as he sought to reassure investors worried the country would be hit hard in a global market sell-off. Indian refiners have asked the government to clarify if they can pay Iran for crude in euros after the National Iranian Oil Company (NIOC) requested settlement of some debts through a Turkish bank, Indian officials said on Wednesday. EVENTS/FACTORS TO WATCH * India's wholesale prices-led inflation data for October. * The Reserve Bank of India will sell 150 billion rupees of government bonds. MAJOR DEBT SALES/LOANS/MERGERS * Indian Oil Corp has returned to the market for another $500 million three-year loan barely a couple of weeks after having signed a like-sized, like-tenor borrowing which only received one commitment in general syndication, sources said. * Mandated lead arranger UOB has joined the US$500m three-year loan for Hindustan Petroleum Corp. * National carrier Air India has raised a further $95 million through a 12-month bridge loan within just a couple of months of having signed a separate $190 million bridge facility in September, sources said. USD/INR NDFs (NY closing prices) For up-to-date prices, double click Close Open High Low Volume 63.90-00 64.25 64.30 64.00 High FII INVESTMENTS-EQUITIES (Net dollars) Nov. 13* $47.26 mln Month-to-date** $644.57 mln Year-to-date** $16.84 bln * Provisional NSE data ** Source: Data as per custodial filing as on Nov. 13 on SEBI website. #(As per Reuters conversion, $1 = 63.4850 Indian rupees) FII INVESTMENTS-DEBT (Net Dollars) * Debt Nov. 12 -$76.86 mln Month-to-date -$653.63 mln Year-to-date -$8.52 bln * Source: Data as per custodial filing as on Nov. 13 on SEBI website. MONEY MARKET INFLOWS =========================================================== Instrument Payment Date Amount (mln rupees) =========================================================== SDL 08.39%, 2017 Interest Nov 15 209.75 (TAMIL NADU) SDL 08.40%, 2017 Interest Nov 15 378.00 (2 States) SDL 08.48%, 2017 Interest Nov 15 890.40 (WEST BENGAL) SDL 08.55%, 2017 Interest Nov 15 427.50 (UTTAR PRADESH) SDL 08.69%, 2017 Interest Nov 15 347.60 (KERALA) 6.07% 2014 Interest Nov 15 12140.00 8.35% 2022 Interest Nov 15 18370.00 9.15% 2024 Interest Nov 15 42090.00 91 days T-Bill Redemption Nov 15 170907.50 364 days T-Bill Redemption Nov 15 50000.00 For the full table see: GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees) Nov. 13 Foreign Banks -3.83 bln Public Sector Banks 0.14 bln Private Sector Banks 12.01 bln Mutual Funds -18.29 bln Others -1.50 bln Primary Dealers 11.47 bln Source: Clearing Corp of India Ltd LIQUIDITY * The Reserve Bank of India said on Wednesday it accepted the sole bid for 70 million rupees at its one-day reverse repo auction, through which it absorbs excess liquidity from the banking system. * Indian banks' refinancing with RBI rises to 434.26 billion rupees. * Indian banks' cash balances with RBI fall to 3.06 trillion rupees. (Compiled by Neha Dasgupta; Editing by Prateek Chatterjee)
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