IT stocks, led by Wipro, witnessed selling pressure today as the rupee extended its gains for the second straight day against the American currency.
Shares of Wipro fell by 2.16 per cent, Infosys was down 1.78 per cent and HCL Technologies slipped 0.31 per cent on the BSE.
The BSE IT index ended the day 0.59 per cent lower at 10,948.64.
Extending its gains for the second straight day, the rupee surged by 30 paise today against the US dollar to hit a two-week high at 63.74 on selling of the greenback by banks and exporters on the back of lower dollar in the overseas market.
Analysts said large IT companies benefit from a weaker rupee, as it positively impacts their profit margins. Big IT companies earn a major chunk of their revenues in dollars from US clients.
