Gold Silver Reports ~ India’s state-owned banks likely sold dollars on behalf of the Reserve Bank of India to prevent the local currency from weakening further, three FX traders told Reuters on Monday.
Currencies
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Indian Rupee Zoom to 2 Month High
Gold Silver Reports ~ A gauge of expected swings in the Indian rupee rose to the highest level since November amid outflows from Indian stocks and bonds.
Rupee Around 65 per Dollar, According to Bank of America
Gold Silver Reports ~ Indian central bank Governor Raghuram Rajan oversaw the biggest jump in currency reserves among major developing nations and he’s not afraid to use them to help the rupee.
Crude Slip Under $30 Barrel for the 1st Time in 12 Years
Gold Silver Reports ~ Crude Oil dropped below $30 a barrel in New York for the first time in 12 years on concern that turmoil in China’s markets will curb fuel demand.
Rupee Bonds Cheaper Than Loans
Gold Silver Reports >>> Rupee bond issuance will probably rise to a record this year as notes offer companies savings of as much as 1 percentage point over loans.
Offerings will range between 4 trillion rupees ($60 billion) and 4.5 trillion rupees in 2016, according to nine of 20 bankers surveyed by Bloomberg. Six respondents predicted even higher sales and five forecast lower. ONGC Mangalore Petrochemicals Ltd., a project by India’s biggest energy explorer, is planning a debut sale, while mortgage lender Housing Development Finance Corp. is looking to raise at least 5 billion rupees.
Indian Rupee will perform in 2016?
Gold Silver Reports – There are fears of fund outflows after the Fed rate hike, but broking firm Religare believe that the capital outflows from India due to the U.S rate hike may not be as severe as widely projected. As the rate differential between the 10 year G Sec between India and the U.S is at a high figure of 550 basis points, FIIs may not withdraw funds as feared.