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Monday, January 21, 2019

IT stocks surge as rupee extends fall to near 71.50/$


Shares of information technology (IT) companies rose in trade as the rupee saw some depreciation.
After falling to 71.34 per US dollar against its previous close of 71.18 per US dollar, the rupee has further extended its fall to nearly 71.50 per US dollar.
Rupee fell in the latter half of the session on Friday primarily as global crude oil prices continued to rally after supply cuts led by OPEC supported prices. OPEC issued a list of oil production cuts by its members and other major producers for six months starting on January 1 to boost confidence in its oil supply reduction pact.
Last week, OPEC’s monthly report showed it had made a strong start in December before the pact went into effect, implementing the biggest month-on-month production drop in almost two years. Today, USD-INR pair is expected to quote in the range of 70.70 and 71.50, said Motilal Oswal.
A weaker rupee is seen as a positive cue for IT companies as it means better revenue.
Source: https://www.moneycontrol.com/news/business/markets/it-stocks-surge-as-rupee-extends-fall-to-near-71-50-3413801.html

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2 comments:

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