Indian OIS nearly steady; mkt awaits fresh cues

MUMBAI: Indian overnight indexed swaps (OIS) were largely steady on Friday as traders sought fresh triggers for further direction.

At 1:35 p.m., the one-year OIS rate was at 7.35 percent compared with 7.37 percent at close on Thursday.

The benchmark five-year swap was at 7.95 percent, from 7.98 percent on Thursday.

Volumes were at 7.75 billion on the central bank's trading platform.

"There are no fresh cues currently and there will be concerns on the next fiscal year's borrowing which will keep the pressure on the back end of the curve," said a senior trader at a foreign bank.

Traders said they see the one-year OIS rate supported at 7.30 percent and five-year at 7.90 percent levels.

The OIS curve has flattened this month with the one-year OIS rising 26 basis points over a 18 basis points rise in the five-year OIS.

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