Indian rate swaps ease slightly on liquidity hopes

MUMBAI, Oct 13 - Indian overnight indexed swaps eased a tad on Monday on expectations the regulators would take more measures to improve cash conditions in the banking system.

* At 4:00 p.m., the five-year swap rate was at 7.20/7.27 percent, a shade lower than Friday's close of 7.21/7.29 percent.

* India is working on more measures to improve liquidity and the country will respond swiftly depending on the needs of the situation, Finance Minister Palaniappan Chidambaram said on Monday. [ID:nBMA001582]

* The central bank cut the cash reserve ratio by 150 basis points to 7.5 percent effective Saturday, freeing up 600 billion rupees of funds in the banking system.

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