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Friday's Auctions Firm, RBI Exercises Greenshoe Option

INDIA

Friday's auctions from the RBI were strong by recent standards which have seen the Central Bank devolve several issues on primary dealers. The RBI sold INR 365bn of debt, more than the INR 310bn planned, cutoffs were also strong even though the greenshoe option was utilized. Markets look ahead to wholesale price data later today, the index is expected to slow to 11.29% in July from 12.07% previously. Data on Friday showed CPI rose 5.59% in July Y/Y compared to 6.26% gain in June and is now back within the RBI's target band.

  • Elsewhere there were reports that India aims to invest INR 100t in infrastructure, a plan that PM Modi is enacting in order to boost growth and support the labour market. It is thought that logistics will be the main focus of the investment.

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