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Swaps

 
An Interest Rate Swap (IRS) is a financial contract between two parties exchanging or swapping a stream of interest payments for a `notional principal’ amount on multiple occasions during a specified period. Such contracts generally involve exchange of a `fixed to floating’ or `floating to floating’ rates of interest. Accordingly, on each payment date - that occurs during the swap period - cash payments based on fixed/ floating and floating rates, are made by the parties to one another.
 
In India interest rate swaps are commonly traded on 2 benchmarks viz MIBOR and MIFOR. Scheduled commercial banks (excluding Regional Rural Banks), primary dealers (PDs) and all-India financial institutions (FIs) are free to undertake IRS as a product for their own balance sheet management or for market making. CCIL has, with effect from 28th March, 2014 commenced CCP clearing for IRS trades referenced to the MIBOR and MIOIS benchmark.
 
On 3rd August, 2015 CCIL launched an anonymous electronic trading platform for Interest Rate Swaps (IRS) referenced to Overnight MIBOR benchmark known as ASTROID (Anonymous System for Trading in Rupee OTC Interest Rate Derivatives). The system is available for trading from 9.00 am to 5.00 pm from Monday to Friday. The minimum lot size is Rs 5 Crs with a tick size of 0.0025%.
 
 
 

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India Consumer Price-based inflation
India’s Consumer Price-based inflation for April 2019 came in at 2.92% compared to 2.86% a month prior. Core CPI decelerated to 4.54% in April from 4.99% a month ago.
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Industrial production
Industrial production fell to 21-month lows of -0.1% in Mar-19. Cumulatively, IIP for FY19 stood at 3.6%, lower than 4.4% in FY18. Nonetheless, significant sequential uptick was observed across all sectors: Mining sector grew by 17.9%, Manufacturing grew by 8% and Electricity sector grew by 16.9%
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Wholesale Price inflation (WPI)
Wholesale Price inflation (WPI) stood at 3.07% for Apr-19 compared to 3.18% in Mar-19 despite significant upside momentum in the prices of primary articles due to a favourable base.
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