Rupee unchanged
Mumbai: The spot rupee was volatile during the day but ended unchanged on Friday. The euro and the sterling strengthened against the dollar, which helped the rupee gain.

The rupee opened at 44.70 but retreated to 44.96 due to dollar buying by HDFC Bank and Deutsche Bank. It recovered later to close at 44.70 against the previous close of 44.69.

The six-month forward premium closed at 1.96 per cent (1.94 per cent) and the one-year was unchanged at 1.8 per cent.

Bonds: Bond prices rose by around 15 paise due to comfortable liquidity in the system.

G-secs: The 7.59 per cent-10 year-2016 paper opened at Rs100.92 (7.45 per cent YTM) and closed at Rs101.07 (7.43 per cent YTM) against 100.92 (7.41 per cent YTM) on Thursday. The 8.07-11 year-2017 paper opened at Rs104.56 (7.42 per cent YTM) and closed at Rs104.61 (7.41 per cent YTM) against Thursday's Rs104.62 (7.41 per cent YTM).
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IDBI Capital signs e-trading tie up with Bank of Rajasthan
Mumbai: IDBI Capital Market Services has signed an agreement with Bank of Rajasthan to offer e-trading services through www.IDBIpaisabuilder.in to the customers of the bank.
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Forex reserves rise by $2bn
Mumbai: Forex reserves for the fortnight ended November 17 rose by a massive $2.071 billion to touch $170.355 billion, according to figures released by the Reserve Bank of India in its Weekly Statistical Supplement. This is the fifth week in a row that forex reserves have risen. In the week before that forex reserves moved up by $1.168 billion to touch $168.284 billion. The huge increase in reserves was mainly because of dollar buying by the central bank dealers said. FII inflows into the domestic equity market during the week were Rs 803 crore.

As per of the RBI, foreign currency assets increased by $2.074 billion to touch $163.637 billion for the week under review.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies (such as euro, sterling and yen) held in reserves.

India's reserve position in the IMF fell by $3 million to touch $649 million.
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Call rates lower
Mumbai: Call rates ruled low between 6.05 per cent and 6.15 per cent against Thursday's 6.1 per cent and 6.2 per cent. In the first three-day reverse-repo auction under LAF, the RBI received and accepted five bids for Rs 3,490 crore. There were no repo bids.

In the second three-day reverse-repo auction, the RBI accepted and received 29 bids for Rs12,505 crore. The CBLO market saw 349 trades aggregating to Rs16,545.6 crore in the 4.10-6.18 per cent range.
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UTI AMC ties up with Japan's Shinsei Bank to launch India-specific fund
Mumbai: UTI Asset Management Company has tied up Japan's Shinsei Bank for launching a diversified offshore fund to mobilise over $300 million from Japanese retail investors for investing into the booming Indian stock markets.

Shinsei Bank will distribute India specific investment funds to be managed/advised by UTI AMC to Japanese general individual investors said Toru Irokawa, co-head (asset management division) of Shinsei Bank.

The offshore fund would come under UTI MF's overseas subsidiary UTI International and the funds would be managed by the portfolio management services (PMS) division of the domestic fund house.

It is estimated that Japanese funds hold assets worth $5 billion in Indian markets through 10 India-specific funds. This amount is expected to double in the next 2-3 years, considering the rapid pace of India's economic growth.
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Max Life to get into microinsurance
Mumbai: Max New York Life insurance company is planning to get into microinsurance and is in discussions with a general insurance company on the product package, pricing and the distribution model.

Micro insurance is the process of delivering affordable insurance products to people in rural areas. Irda regulations permit a life insurance company to tie up with one general insurance company for offering a composite product, that is, a combination of life cover along with a cover for health, personal accident, hut and dwellings, livestock and weather insurance.

As per Irda regulations on micro insurance, the products should be low premium (from Rs5,000 to Rs30,000 or Rs50, 000) easily comprehensible plans, with frequent modes of payment. Such products will be offered in partnership with NGOs and self help groups.
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HDFC Bank can set up new branches
Mumbai: HDFC Bank has received the RBI's approval for setting up new branches and offsite ATMs. Prior to this, ICICI Bank had got the RBI nod for opening new branches.
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Dena Bank to distribute ING MF products
Mumbai: ING Mutual Fund has tied up with Dena Bank for the distribution of its mutual fund products through select branches. The bank says the move will help it to strengthen its retail participation and would boost fee-based income.
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