IT Stocks Fall As Rupee Continues To Strengthen

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Shares in software stocks saw profit booking and dropped despite a rise in the benchmark indices. Shares in Infosys was down more then 1.5 per cent on the BSE, while HCL Tech, Tech Mahindra and TCS were the other stocks that fell in trade.

IT Stocks Fall As Rupee Continues To Strengthen
The rupee has been gaining ground since the start of the week and is currently trading at 65.25 against the dollar, after dipping as much as 66 in Sept.

Check rupee rates here

This saw some profit booking in IT shares, which tend to gain on the back of a falling rupee. Dealers say there has been renewed strength in the rupee on the back after US jobs data came in weaker then expected.

This has raised hopes that there would be a delay in hiking interest rates in the US, helping the rupee against against the dollar.

Read more about: infosys, hcl tech, tech mahindra
Story first published: Tuesday, October 6, 2015, 11:33 [IST]
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