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The IT industry is mildly pleased that the depreciation of the rupee will help the export-oriented industry, but also cautious about the overall impact of the depreciation, which will hurt imports, especially oil.
Speaking to Business Line , Mr S. Gopalakrishnan, Executive Co-Chairman, Infosys, said, “It is good for the IT industry because you earn more Forex. However, as an Indian citizen, I would like a stronger rupee because this can affect inflation.”
Mr Krishnakumar Natarajan, Chief Executive Officer and Managing Director, MindTree, said: “We have hedged 50 per cent of our receivables and these will not be affected. On the balance 50 per cent, it will be a positive impact. However, it will drive up inflation and push up commodity and oil prices.”
The volatility in the market is to be blamed for this, said Mr Suresh C. Senapaty, Executive Director and Chief Finance Officer, Wipro. “Currently, there is uncertainty in the market, which is leading to the volatility in the rupee. No corporation has control over that.”
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