IT stocks gain as rupee weakens

Reuters August 20 | Updated on August 20, 2019 Published on August 20, 2019

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Shares of IT services firms rise as the Indian rupee weakens to lowest since February 7.

The IT services companies, who make most of their revenues servicing clients in US, including Apple Inc and Walmart Inc, tend to benefit from a weaker rupee. Rupee, which fell 0.4 per cent on Monday, was down 0.3 per cent on Tuesday.

Nifty IT index rises as much as 1.79 per cent, sees best session since August 8.

Infosys Ltd gains as much as 2.62 per cent, highest in nearly three-weeks, rivals Wipro Ltd and Tata Consultancy Services Ltd rise 2.78 per cent and 1.65 per cent, respectively.

Infosys, Wipro and TCS among top three gainers on the NSE index.

Published on August 20, 2019
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