Reuters: Financial Services and Real Estate: Indian FX/debt factors to watch-June 7

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Indian FX/debt factors to watch-June 7 Jun 7th 2012, 03:25 Tweet Share this Email Print Wed Jun 6, 2012 11:25pm EDT GLOBAL MARKETS ROUNDUP * USD/INR is seen opening sharply lower as risk aversion wanes for Asian currencies, euro holding above two-year lows. Oil importers stepping in to buy dollars will weigh on the pair. Pair last closed at 55.36/37. * Asian shares rose on Thursday on signs that European policymakers were seeking a solution for ailing Spanish banks and amid growing expectations for additional monetary stimulus if major economies deteriorate further. * The euro hovered near two-week highs against the greenback early in Asia on Thursday, while the Australian dollar rose towards parity as hopes grew that Europe was moving closer to helping rescue Spain's stricken banks. * Crude oil futures rallied on Wednesday, with Brent returning above $100 a barrel on growing hopes for a rescue of Spain's troubled banks to ease the euro zone debt crisis, and as a U.S. Federal Reserve official hinted at more monetary easing. OVERNIGHT NEWS * India's government on Wednesday vowed to push ahead with major transport and power projects in the current financial year, buoying stocks in infrastructure companies with an attempt to inject some life into the flagging economy. * Major auto makers in India warned on Wednesday that government proposals to raise the tax on cars running on heavily subsidised diesel will hurt a fast-growing sector popular with India's emerging middle class. KEY EVENTS TO WATCH * Reliance Industries annual general meeting (0530 GMT) * India's main opposition to start nationwide stir against price rise * India's annual monsoon rains, crucial for the health of largely farm-dependent economy EXTERNAL COMMERCIAL BORROWINGS / MAJOR DEALS * Videocon Group, the diversified group controlled by Venugopal Dhoot, is planning new foreign currency loans of US$4bn-$5bn to fund its offshore capital expenditure plans in the oil and gas sector. Some of the proceeds will also be used to repay existing debt. (IFR) * Germany's Merck KGaA and India's Dr. Reddy's Laboratories Ltd have struck a deal to develop cheap versions of biotech cancer drugs, seeking to tap into a new market as patents on biotech medicines expire. USD/INR NDFs (NY closing prices) * For up-to-date prices, double click Close Open High Low Volume 55.30-35 55.83 55.79 55.35 High FII INVESTMENTS-EQUITIES (Net rupees) June 6* 2.69 bln Month-to-date** -19.77 bln Year-to-date** 405.17 bln * Provisional NSE data ** Source: SEBI (reporting date as of June 6, as submitted by custodians) FII INVESTMENTS-DEBT (Net Rupees) Debt June 6 -11.32 bln Month-to-date 7.69 bln Year-to-date 199.49 bln Source: SEBI (reporting date as of June 6, as submitted by custodians) GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees) June 6 Foreign Banks -18.71 bln Public Sector Banks 19.17 bln Private Sector Banks 746.12 mln Mutual Funds 802.43 mln Others 5.59 bln Primary Dealers -6.10 bln Source: Clearing Corp of India Ltd WEEKLY GOVERNMENT BOND AUCTIONS (In rupees) MATURITIES DATE AMOUNT Government Bonds June 8 150 bln LIQUIDITY, as of June 7 * The Reserve Bank of India said on Wednesday it accepted all 34 bids for 872.30 billion rupees at its one-day repo auctions, through which it injects liquidity into the banking system. It got no bids at the reverse repo auction. * Indian bank refinancings with RBI rise to 102.72 bln rupees * Indian banks' cash balances with RBI rise to 3.03 trln rupees. (Compiled by Madhura Karnik; Editing by Gopakumar Warrier) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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