Halister News

(Bloomberg) -- Rupee advances, heading for a fifth straight gain, which would be longest stretch this year.

• IMF warns RBI’s Rajan that he may need to raise rates to counter inflationary risks, in a Jan. 27 report that was released late yesterday; 12 of 16 analysts surveyed by Bloomberg soon after nation’s budget said they expect Rajan to lower the benchmark repurchase rate before April 5 review
• Budget was positive surprise for rates markets, Nomura writes in note yesterday; expects bond curve steepening to persist though as end of easing cycle is approaching; prefers sub-10-year part of curve; recommends to stay long 8.27% 2020 sovereign bonds
• Rupee up 0.3% to 67.3275 per dollar; USD/INR’s 14-day RSI at 36, falling toward oversold territory
• Results of RBI’s 120b rupee ($1.8) open market debt purchase awaited
• Foreign investors bought net $442.7m of local equities on March 1: exchange data; they bought net $3m in local debt on that day: NSDL
• ‘Others’ category was biggest buyers of govt debt at 12.1b rupees on March 2; primary dealers were biggest sellers at 5.9b rupees: CCIL data
• Yield on 7.59% govt bond due Jan. 2026 up 2 bps to 7.64%