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TCS, Infosys stocks hit all-time highs on weak rupee

The Indian currency opened at 68.42 a dollar and touched a low of 68.50-a level last seen on 1 December 2016 on worries over rise in fiscal deficit and inflation due to rising crude oil prices.

twitter-logo BusinessToday.In        Last Updated: June 27, 2018  | 15:21 IST
TCS, Infosys stocks hit all-time highs on weak rupee

Tata Consultancy Services (TCS) and Infosys stocks hit their all-time highs in trade today amid the Indian rupee falling to a nineteen-month low. At 2:32 pm, the stock was trading just 0.23% or 4.30 points higher at 1858. Earlier, the stock hit its lifetime high of 1,886.20 in early trade today.

The Indian currency opened at 68.42 a dollar and touched a low of 68.50-a level last seen on 1 December 2016 on worries over rise in fiscal deficit and inflation due to rising crude oil prices.

In fact, all 19 BSE sectoral indices were trading in the red except the BSE IT index which logged gain of over 11 points. The Nifty IT index too rose 0.55% or 76 points to 14,019 level.

A fall in rupee translates to higher income for IT firms. IT companies earn most of their revenues in dollars. So, each dollar earned abroad will now get them more rupees.

The stock is up over 58% during the last one year. It has gained nearly 38% since the beginning of this year. The stock has been gaining for the last three days and has clocked 2.70% rise.

The Infosys stock too rose 1.33% to 1293.90 intra day, a fresh 52-week high and all-time high on the BSE. The stock is up over 37% during the last one year and has gained 22.18% since the beginning of this year.

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