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Friday, July 13, 2012
Will the Rogue RBI bosses and their "Psychopathic Supporters", now vouch for an Interest Rate Cut?
[Voicing concerns of industry, Commerce and Industry Minister Anand Sharma had yesterday said, "We will urge the RBI to revisit this issue (interest rates) to ensure that capital is available to the industry...given the slowdown there is every justification to ensure that Indian industry remains competitive and the manufacturing grow." Industry body PHD Chamber said the RBI should focus on re-capturing growth. We are anticipating a cut in the Repo rate by 50 basis points (0.5 per cent) on July 31, while a total cut of 200 basis points (2 per cent) by December 2012," PHD Chamber chief economist S P Sharma said]
Reuters Market Eye--Headline inflation data on Monday will be the key cue for India's debt markets, coming ahead of the RBI's policy review on July 31. A Reuters poll forecasts wholesale price inflation likely rose by 7.62 percent in June from a year ago, the highest this year.
Traders who had previously bet the Reserve Bank of India would keep the repo rate on hold are now slowly shifting views towards a rate cut after the sharp downward revision in the April factory output data on Thursday.
An inflation print of 7.25 percent or below, and core inflation of 4.5 percent or below, could firm views for a 25 basis points rate cut traders said, pushing bond yields and OIS rates down by around 4-6 basis points.
The benchmark 5-year OIS fell to as low as 6.96 percent on Thursday, its lowest since late December 2011, while the one-year rate touched a low of 7.56 percent, its lowest since mid-June 2012.
Traders expect the rupee to remain choppy next week, given volatile global risk environment, with 56/dollar acting as key resistance.
News Body (except headline), Courtesy: Business Standard