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Rupee recovers lost ground
Mumbai: With the easing of month-end demand, the rupee continued its recovery against the dollar closing at 43.86/87, higher than Thursday's level of 44.03.

Forwards market: The 12-month premium closed at 0.58 per cent (0.5 per cent), while the 6-month was unchanged at 0.45 per cent.

G-Secs: The 7.37 per cent 9-year 2014 paper closed at Rs102.42 (6.99 per cent), higher than the earlier close of Rs102.17 (7.02 per cent YTM). The 10.25 per cent 16-year-2021 paper closed at Rs126.06 (7.42 per cent YTM), up from the previous level of Rs125.65 (7.45 per cent YTM). The 7.38 per cent 10-year benchmark closed at Rs102.35 (7.05 per cent YTM) against Thursday's yield of 7.08 per cent YTM.

Call rates: The inter bank rates were at 4.05-5 per cent (4.9-5 per cent).

Reverse repo: In the three-day auction, the RBI received and accepted 45 bids amounting to Rs30,885 crore.

CBLO market: 251 trades for Rs10,608.25 crore, were realised.

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Pension fund regulator proposes restrictions on fund investments
New Delhi: In its draft regulation on registration of intermediaries released on Friday, the interim Pension Fund Regulatory and Development Authority (PFRDA) has proposed restrictions on investments of pension accumulations handled by pension fund managers (PFMs). The PFRDA has said that PFMs would be allowed to invest only in a handful of instruments, all of them domestic.

These include equities of companies listed in India and regulated by SEBI, publicly traded securities issued by the Central Government, traded Indian corporate debt instruments that have been rated as investment grade by at least two rating agencies and loans of Indian micro-finance institutions guaranteed by the RBI.

The permitted equities would have to be part of an index approved by the PFRDA.

The draft regulations has been issued to conform to the wishes of the Parliamentary Standing Committee on Finance that had suggested that the broad contours of the regulations governing the implementation of the New Pension System should be first put in the public domain prior to the enactment of the PFRDA Bill.
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Syndicate Bank to raise US$75mn through syndicated loans
Mumbai: The Syndicate Bank intends to raise US$75mn through syndicated loans from the overseas markets.

Of the total, US$50mn will be deployed in the UK as trade finance via its overseas branch in London. Another US$25mn will be raised in Japanese yen, which will be deployed in India as pre- and post-shipment credit to exporters, said a press release from the bank.

According to a bank release N. Kantha Kumar, chairman and managing director, Syndicate Bank, the bank is also planning to expand its overseas presence, and will open representative offices in South Africa and Dubai, once it obtains regulatory approval. It is currently examining opportunities in China, Hong Kong and Singapore, and is also discussing new business relationships in West Asia and in the Gulf region, he said.
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