Shares of eight IT companies rose by 0.34% to 1.86% at 11:30 IST on BSE after the rupee cracked below the 68-mark against the dollar yesterday, 15 May 2018.
Hexaware Technologies (up 1.86%), MphasiS (up 1.24%), Wipro (up 1.15%), Oracle Financial Services Software (up 0.93%), Persistent Systems (up 0.57%), MindTree (up 0.52%), TCS (up 0.42%) and Tech Mahindra (up 0.34%), edged higher. Infosys (down 0.07%) and HCL Technologies (down 0.3%), edged lower.
The S&P BSE IT index was up 0.30% at 13,279.38. It outperformed the S&P BSE Sensex, which was down 0.33% at 35,428.40.
A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
In the foreign exchange market, the partially convertible rupee was hovering at 67.83, compared with its close of 68.105 during the previous trading session.
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