Monday, June 25, 2012

External borrowing limit raised by $10 bn

In order to arrest the rupee slide, the Reserve Bank of India today increased FII limit in government bonds to USD 20 million, while allowing up to U.S. $ 10 million overseas borrowings by India Inc for refinancing rupee loan.

Long-term investors such as sovereign wealth fund (SWFs), multilateral agencies, endowment funds, insurance funds, pension funds and foreign central banks would be allowed to invest in government debt to U.S. $ 20 million, the RBI said in a statement.

The decisions were taken "in consultation with the government," the RBI said, adding that they widen foreign investor base for government securities (G-Secs).

"We decided to allow Indian companies in manufacturing and infrastructure sector, and having a foreign exchange earnings to overcome an external commercial borrowing (ECB) for repayment of outstanding rupee loans to capital expenditure and / or fresh rupee capital expenditure under the approval route. The overall ceiling for such ECBs would be USD 10 million, "the central bank said.

FIIs investment

He also said the existing limit for investment by foreign institutional investors (FIIs) in G-Secs was improved by U.S. $ 5 billion.

"This would take the overall limit for FII investment in G-Secs of USD 15 million to USD 20 billion. The sub-limit of USD 10 million (U.S. $ 5 billion available with residual maturity of 5 years and an additional limit of USD 5 billion) would have the residual maturity of three years, "the RBI said.

Also, the conditions for the scheme for FII investment in infrastructure debt and the scheme for non-resident investment in Infrastructure Development Fund (IDFs) was further rationalized in terms of lock-in period, and residual maturity.

Further, the conditions for investment by individual investors was relaxed in a Mutual Fund.

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Friday, June 22, 2012

Rupee slide: Will it become a senior citizen soon

Well, the market is clearly divided on this. The Indian rupee on Friday touched a record low at 57.32 against the U.S. dollar before closing at 57.12. This was again broached debate over rupee slipping to 60, the age bar to become a senior citizen.

Section of currency experts believe that if the prevailing negative sentiment is positive, the freefall will continue. In May, IndusInd Bank Moses Harding (head of ALCO & economic research) predicted a range of 59.75-60.00 on the back of weak foundations and strong USD against major global currencies.

However, State Bank of India 's Dr Brinda Jagirdar, general manger (Economic Research) believes the troubled dollar-rupee phenomenon is temporary in nature.

"It does not justify any move to 60. It is the skittishness that use reflected in the market. Today the market is loaded with so much uncertainty. Due to Euro crisis, global risk aversion remains dominant in reverse sense. In such a situation, no one lend money to emerging countries, "she told Moneycontrol.com.

Because of the lingering economic crisis in the European area, investors around the world in search of safety of U.S. dollar assets. Accordingly, all major currencies including the Euro, Great Britain Pound (GBP) and others are depreciating against the U.S. greenback. Rupee is not isolated and USD too is strengthening against the Indian currency.

Other factors behind the sharp decline INR ..

"Presently, a lot of miss-matches are often added to the sharp rupee depreciation," said Pawan Bajaj, managing director, Bank of India.

"A good amount of external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) are mature. Furthermore, exports are slowing due to global crisis. All these lead to higher demand for dollar buying. If economic reforms begin to take place, the negative sentiment continues climb. In the near future, rupee fall below 50. "

In the absence of reform measures by the government, foreign investors are shying away from Indian markets, which in turn, squeeze dollar sources in the country. In FY13 to date, foreign institutional investors (FIIs) have net sold over Rs 2,986 crore in Indian equities.

Meanwhile, oil prices went down. It fell below USD 90 a barrel for the first time since December, 2010. However, the rupee depreciation is erased gains keeping imports costlier. Therefore, the yawning current account deficit continues to hurt the economy imposes foreign exchange.

"It seems that Rupee touch Rs 60. Less dollar flows, a high rate of inflation and global risk aversion makes a case for further rupee fall. Seems rupee is on its way to a new normal level," said Hariprasad MP, head - treasury, CentrumDirect, a Mumbai-based brokerage.

Change: India vs. other SAARC nations

The dollar exchange rates of other members of the South Asian Association for Regional Cooperation (SAARC) is much lower than the Indian rupee. In Sri Lanka rupee is at around $ 132.68/US, Pakistani rupee at 93.35/US $, Nepal rupee at 84/US $ and Bangladeshi Taka at 80.43/US $.

"We did not get a situation where we have to conclude that 55 or 60 is the new normal level. India economy is far ahead of other SAARC nations. Once foundations are back on track, rupee may bounce back to the 45-48 level in a year time," said senior manager (currency) of private sector bank.


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Wednesday, June 20, 2012

Fitch cuts SBI, ICICI, PNB rating outlook to negative

Global agency Fitch on Wednesday cut credit rating outlook to negative from stable of 11 financial entities including SBI, ICICI Bank, PNB and Axis Bank.

The action follows the revision earlier this week of India's outlook to negative.

"The outlook revision of the financial institutions reflects their close linkages with the sovereign by virtue of their high exposure to domestic counterparties and holdings of domestic sovereign debt," Fitch said in a statement.

The list of downgraded entities include six government banks (including an international banking subsidiary of a government bank), two private banks. These include Bank of Baroda, Bank of Baroda (New Zealand) Ltd (BOBNZ), Canara Bank, and IDBI Bank.

Besides two wholly owned government institutions -- Export-Import Bank of India and Housing and Urban Development Corporation Ltd have also been similarly downgraded. Besides, the outlook of IDFC Ltd and Indian Railway Finance Corporation Ltd outlook has also become negative.

However, Fitch said the banks continue to have reasonable customer deposit base, domestic franchises and adequate capital.

The non-banking financial entities, meanwhile, lack the funding advantage, which puts them more at risk during times of increased market volatility, it


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