Information technology (IT) stocks are trading higher on the bourses after the Indian rupee tumbled by 34 paise to an almost 28-month low of Rs 49.82 per US dollar in early trade on the Interbank Foreign Exchange today.
The Bombay Stock Exchange (BSE) IT index is the largest gainer among the sectoral indices up more than 1% compared to around 1% fall in the benchmark index Sensex at 1007 hours.
Among the individual stocks, TCS, Wipro, Infosys, HCL Technologies, MphaSis and Patni Computer Systems are trading higher by 1-3% each.
“Forex dealers attributed the rupee's fall to a level last seen in May, 2009, to strong dollar demand from importers and some banks and dollar gains against other currencies,” reports suggest.