Thursday, February 21, 2008

Rupee depriciation - Positive for I.T Stocks

Continuing its weakness for the fourth day on Wednesday, the Indian rupee tumbled by 29 paise against the dollar to breach the 40-mark for the first time in five months with the shortage of U.S. currency getting accentuated by the global crude prices which hit fresh records. In brisk activity at the inter-bank foreign exchange market, the domestic currency touched a low of 40.24 before closing at 40.19/20. It resumed weak at 39.95/97 against its previous close of 39.90/91.

The Indian rupee had been ruling below the 40-level since September 20 last year when it closed at 39.88/89.

Strentgh in rupee will lead to strength in it stocks