India to Release Current Account Data on Sept. 30

India’s central bank will detail the nation’s current account data for the quarter ended June on Sept. 30.

The broad measure of trade and investment flows showed a surplus for the first time in two years in the three months through March as software exports and remittances helped boost capital inflows.

The surplus was $4.75 billion in the quarter ended March, compared with a record deficit of $13 billion in the preceding three months. India last had a current-account surplus of $4.25 billion in the January-March period of 2007.

Indian government offices, banks, bond and currency markets, the central bank and stock exchanges are closed today for the Hindu festival of Dussehra. They will also remain shut on Oct. 2 for the birth anniversary of Mohandas K. Gandhi, who helped the nation gain independence from the British in 1947.

The Bombay Stock Exchange’s Sensitive Index, or Sensex, declined 0.3 percent last week on concern a delay in the global economic recovery will hurt earnings at local companies. Hindalco Industries Ltd., the biggest aluminum producer, and Infosys Technologies Ltd., the second-biggest software service provider, were among the biggest losers.

Bonds, Currency

India’s bonds fell, pushing yields to the highest in almost two weeks, as investors sold before a debt auction. The benchmark 10-year notes ended a two-week advance as the government sold more securities than it previously planned for the second consecutive time on Sept. 25 after an auction was canceled in August.

The yield on the 6.90 percent note due July 2019 rose seven basis points last week to 7.17 percent, according to the central bank’s trading system. A basis point is 0.01 percentage point.

The rupee climbed for a third week as overseas funds added to their holdings of local assets to benefit from growth in Asia’s No. 3 economy. The rupee reached its strongest level in more than a month after the stock marketregulator showed global funds bought more equities than they sold for a 13th straight day through Sept. 24, the longest streak since Aug. 4.

The currency gained 0.3 percent last week to 47.9875 per dollar, according to data compiled by Bloomberg.

Source : Bloomberg.com

indianachu - 05