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India rate swaps steady on ample cash

India rate swaps steady on ample cash
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First Published: Wed, Sep 05 2007. 01 11 PM IST
Updated: Wed, Sep 05 2007. 01 11 PM IST
Mumbai: Indian overnight indexed swaps were steady on 5 September, supported by ample cash in the banking system, but traders awaited global cues to gauge their impact on domestic monetary policy.
At 12:00 p.m., the five-year overnight indexed swap was at 7.33/7.36%, barely changed from the previous close of 7.33/7.35%.
The Reserve Bank of India accepted bids worth Rs304 billion at its daily reverse repurchase auction on Wednesday, a sign cash conditions were comfortable.
The central bank is selling Rs60 billion of treasury bills on Wednesday and will auction Rs70 billion of federal bonds on Friday.
The European Central Bank and the Bank of England are set to decide on interest rates on 6 September. US data due this week includes manufacturing activity on Thursday and non-farm payrolls the following day.
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First Published: Wed, Sep 05 2007. 01 11 PM IST
More Topics: Markets | India | Swaps | Money Matters | Currency |