IT stocks gain as rupee hits 60 again

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IT stocks gain as rupee hits 60 again
Shares in IT stocks were up in trade despite the Sensex trading lower, as the rupee crawled back to the 60 levels on rising global crude prices.

A depreciation in the rupee tends to benefit IT companies who earn bulk of their revenues in dollars. Shares in Infosys was up two per cent, while TCS was trading 1.9 per cent and HCL Tech was up one per cent.

The rupee hit the 60 level in trade after rising tensions in Iraq pushed crude prices higher. Since India imports bulk of its crude and payment for crude oil is one of the major reasons for dollar outflows, it tends to weigh on the rupee.

Dealers say that the RBI has shored up its dollar deposits significantly and may not allow a sharp depreciation in the rupee.

Read more about: infosys, tcs, hcl tech
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