Rupee depreciation boosts profit margins for IT firms
pre-market1 source ↓written by the desknot a recommendation
- against the US
- ₹96.86
- 16 paise
- and hit
- ₹96.89
- a low
- ₹96.95
- drop
- 50 paise
The Indian rupee fell for the ninth consecutive session, closing at a record low of ₹96.86 against the US dollar, down 16 paise. This decline, driven by high global crude prices and inflation concerns, may enhance profit margins for IT firms due to favorable currency conversion rates. Traders should monitor the impact on export-oriented sectors.
• Rupee opened at ₹96.89 and hit a low of ₹96.95
• Previous session saw a 50 paise drop to ₹96.70
• Elevated crude prices amid geopolitical tensions are key drivers.
Not investment advice. For informational purposes only.