Weak rupee bodes well for IT stocks

Indian rupee fell to a nine-month low on Thursday against the US dollar. After touching an intra-day low of 62.25, the rupee, however, recovered to close at 61.94. Software exporters earn more than 60 per cent of their revenue in dollars and gain every time the greenback strengthens as their expenses are almost entirely in rupees. A weaker rupee also makes IT majors such as TCS, Infosys, Wipro and HCL Tech more competitive.