Fall in Rupee helps software stocks rise
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Select software The Rupee fell to a fresh 2-year low versus the Dollar as a global turmoil in currencies and stocks roiled Indian shores. A fall in the value of the Rupee helps software companies as a vast majority of their revenues are denominated in Dollars.
As a consequence, MindTree surged 3.4 percent to 1,424 rupees. Infosys gained 0.9 percent to 1148 rupees. Tech Mahindra was up 0.7 percent at 564 rupees and
The Open Interest in these software futures gained 2.8 to 13.7 percent.
(Image credits: Indiatimes)
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