Tue May 22, 2012 4:15am BST

 MUMBAI, May 22 (Reuters) - 	

 GLOBAL MARKETS ROUNDUP	

 * USD/INR likely to fall from a record high hit on Monday  following RBI's steps to curb arbitrage. Improved global risk  sentiment, with euro holding firm also seen weighing on  pair. 	

 * Markets kept gains on Tuesday after reclaiming some ground  to move off lows for the year hit the day before, as hopes grew  that Europe would embark on fresh action to address its debt  crisis while promoting growth. 	

 * The euro held firm on Tuesday as market players reduced  their bets against it, taking note of the chances that  Wednesday's informal meeting of European leaders may produce  measures to bolster investor confidence in the currency zone.  	   	

 * Oil prices rose on Monday after China's premier called for  more efforts to stimulate growth and as investors cautiously  awaited results of Iran's second round of revived talks with  major powers over Tehran's nuclear program. 	   	

 OVERNIGHT NEWS	

 * Net overnight rupee open position limit for Indian banks  shall not include positions taken in the currency futures and  options segment, the Reserve Bank of India said on Monday.   	

 * The Reserve Bank of India will continue to take steps to  stabilise the rupee, but the currency's direction will  ultimately depend on capital flows, Subir Gokarn, a deputy  governor at the central bank, said on Monday. 	

 * India will sell 150 billion rupees ($2.7 billion) of bonds  on May 25, the Reserve Bank of India said in a statement on  Monday. The sale does not include the new 10-year bond that some  traders had been hoping for.  	

 * Foreign investors showed increased interest in India's  unutilised corporate bonds auction given the rising yields and  easing forward dollar rates, but they showed more muted interest  at a similar auction for federal debt, four market sources said.   	  	

 KEY EVENTS TO WATCH	

 * Vodafone Group Plc's Indian unit will hold a news  conference to discuss its Jan-March quarter earnings. Results  will be watched for the company's next course of action on its  retrospective tax case against government. (1045GMT)	

 EXTERNAL COMMERCIAL BORROWINGS / MAJOR DEALS	

 * Steel producer Rashtriya Ispat Nigam (Vizag Steel) has  filed a draft red-herring prospectus for its 25 billion rupees  ($457 million) IPO. The Indian Government will offer around 489  million secondary shares in the company, equivalent to a 10  percent stake. (IFR)	

 * Canada's Fairfax Financial Holdings Ltd will buy  Thomas Cook Group Plc's 77 percent stake in its India  operations for about $150 million, as the UK holiday firm  continues to pay down its debt.  	   	

 USD/INR NDFs (NY closing prices)	

 * For up-to-date prices, double click 	

 Close    Open   High Low   Volume	

 55.27-32 55.12 55.52 55.23  High	

 FII INVESTMENTS-EQUITIES (Net rupees) 	

 May 21*           -795.9 mln	

 Month-to-date**     2.10  bln	

 Year-to-date**    430.52 bln	

 * Provisional NSE data	

 ** Source: SEBI (reporting date as of May 21, as submitted  by custodians)	

 FII INVESTMENTS-DEBT (Net Rupees)  	

             Debt        	

 May 18          -3.87 bln         	

 Month-to-date  10.93 bln        	

 Year-to-date  167.04 bln        	

 Source: SEBI (reporting date as of May 21, as submitted by  custodians)	

 GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)	

                            May 21	

 Foreign Banks                -6.32 bln	

 Public Sector Banks               349.1 mln	

 Private Sector Banks               8.38 bln	

 Mutual Funds                      -2.20 bln 	

 Others                             8.47 bln	

 Primary Dealers                   -5.68 bln	

 Source: Clearing Corp of India Ltd	

 WEEKLY GOVERNMENT BOND AUCTIONS (In rupees)	  MATURITIES          DATE        AMOUNT	  10-Year State Loans May 22       73.00 bln	  91-Day T-Bills      May 23       90.00 bln	  182-Day T-Bills     May 23       50.00 bln	  2018,2021, 2027,    May 25      150.00 bln	  2036 Bonds	

 BOND INTEREST/REDEMPTIONS 	

 INSTRUMENT           PAYMENT   DATE    AMOUNT (Mln rupees)	  SDL 09.19%, 2021         Interest   May 23             32.17  	  (GOA)  	  SDL 09.21%, 2021         Interest   May 23            115.13  	  (PUNJAB)  	  SDL 09.22%, 2021         Interest   May 23            479.44  	  (3 States)  	  SDL 09.23%, 2021         Interest   May 23            638.25  	  (2 States)  	  SDL 09.25%, 2021         Interest   May 23            693.75  	  (2 States)  	  SDL 09.28%, 2021         Interest   May 23            464.00  	  (WEST BENGAL)  	  SDL 09.33%, 2021         Interest   May 23             81.64  	  (JAMMU & KASHMIR)  	  12.60% 2018              Interest   May 23           7958.08  	  SDL 08.39%, 2020         Interest   May 24            891.44  	  (3 States)  	  SDL 08.40%, 2020         Interest   May 24            420.00  	  (GUJARAT)  	  9.00% 2013               Interest   May 24            788.10  	  7.94% 2021               Interest   May 24          19453.00  	  SDL 08.03%, 2019         Interest   May 25            128.48  	  (PUNJAB)  	  SDL 08.05%, 2019         Interest   May 25           1479.59  	  (3 States)  	  SDL 08.05%, 2020         Interest   May 25            201.25  	  (RAJASTHAN)  	  SDL 08.06%, 2019         Interest   May 25            201.50  	  (RAJASTHAN)  	  SDL 08.07%, 2020         Interest   May 25            766.65  	  (3 States)  	  SDL 08.09%, 2020         Interest   May 25            488.43  	  (GUJARAT)  	  SDL 08.10%, 2019         Interest   May 25            980.06  	  (2 States)  	  SDL 08.10%, 2020         Interest   May 25            405.00  	  (UTTAR PRADESH)  	  91 days T-Bill           Redemption May 25          90000.00  	  182 days T-Bill          Redemption May 25          40000.00  	

 	  For full table, see 	  	

 LIQUIDITY, as of May 21	

 * The Reserve Bank of India said on Monday it accepted all  46 bids for 1.04 trillion rupees at its one-day repo auction,  through which it injects liquidity into the banking system. It  received a sole bid for 50 million rupees at its reverse repo  auction.  	

 * Indian bank refinancings with RBI rise to 89.32 bln  rupees 	

 * Indian banks' cash balances with RBI rise to 2.89 trln  rupees. 	  	   (Compiled by Subhadip Sircar; Editing by Rafael Nam)