IT major Infosys is in demand as a weak Indian Rupee supported the stock
IT major Infosys is in demand today as a weak Indian Rupee supported the stock. On the BSE the stock was trading at Rs 738.70, up 1.50% on the day to approach its highest level in nearly two and half weeks. The Rupee has slipped in early moves and is quoting at 72.83, down more than half a percent today. Weakness in rupee supports the revenues for IT firms.
The stock also gained as investors eyed strong undertone in the US economy. A latest report released by the Commerce Department showed the pace of US economic growth in the second quarter was unrevised from the previous estimate. The report said gross domestic product increased at an annual rate of 4.2% in the second quarter, unchanged from the estimate released last month. The GDP growth in the second quarter is a substantial acceleration from the 2.2% rise in the first quarter and marks the strongest growth since a 4.9% jump in the third quarter of 2014.
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