Reliance Jio, India’s largest telecom operator, led the purchases, becoming the sole carrier to buy 220MHz of paired airwaves in the pricier 700MHz band across all 22 circles Telco spends ₹88,078 crore, more than double of 2nd placed Airtel
Vi and Jio secured 10MHz airwaves each, while Airtel got 0.8MHz in the most populous UP East circle in the 1,800MHz band
Mukesh Ambani’s Reliance Jio Infocomm Ltd emerged as the top buyer in a government auction of airwaves, spending ₹88,078 crore, more than double that of second-placed Bharti Airtel Ltd.
Indian rupee surges against US dollar, hits 1-month high: FII Inflows more
The rupee rose to 78.49 at day’s high. Rupee dollar exchange rate today: Apart from crude oil weakness, Indian rupee has supported by FII inflows and broad weakness in US dollar.
The Indian rupee (INR) today jumped to a one-month high, supported by falling US Treasury yields. The dollar was under pressure amid easing bets of aggressive Federal Reserve monetary action amid recession fears. The rupee today opened at 78.93 vs USD and strengthened to 78.49 at day’s high, according to Bloomberg data. The rupee had closed at 79.02 in the previous session. Last month, the rupee had hit all-time low of 80.06, before pulling back. Still, the US dollar is up 5.6% against the rupee.
Global risk sentiment took a knock today with traders are bracing for US House Speaker Nancy Pelosi’s expected arrival in Taipei. Pelosi’s trip, which could raise tensions between US and China, is creating a fresh pressure point for investors already dealing with the prospects of a US recession, worldwide rate hikes and surging inflation.
“US yields have dropped on safe demand. Risk sentiment is that of caution ahead of Pelosi’s visit to Taiwan. US yields have dropped 8-14 bps across the curve with 10-year yield now at 2.53%. The dollar has weakened on lower US rates,” IFA Global said in a note.
Indian rupee has pulled back from recent lows as FII inflows continued in domestic capital markets and broad weakness in US dollar. Crude oil weakness also helped the markets to remain positive for rupee, said Jateen Trivedi, VP Research Analyst at LKP Securities.
Brent crude futures fell 77 cents, or 0.8%, to $99.26 a barrel amid concerns over global recession. Traders will also be watching the outcome of OPEC+ meeting, which comes after President Joe Biden urged Saudi Arabia to pump more on a visit to the kingdom last month.
Domestic equity markets were weak today with BSE Sensex and Nifty down about 0.5% each. On Monday, foreign institutional investors were net buyers in the capital market, purchasing shares worth ₹2,320.61 crore, as per exchange data.
Analysts say that this week’s focus will be the Reserve Bank of India policy statement due on Friday.
In a note, Rahul Bajoria, MD & Chief India Economist, Barclays, said: “We expect the MPC to vote unanimously for a 35 bps hike in policy rate next week. While declining international commodity prices is offering some reprieve, we think elevated inflation rates will continue to warrant some caution for the policy outlook. While inflation is likely to remain elevated in the near term, we think the MPC may acknowledge that price pressures have peaked, and note the favourable tailwinds by reducing its inflation forecasts, albeit marginally.”
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