Rupee at its peak so why is IT falling?

While the falling rupee should bring joy to the Indian IT sector, the eurozone turmoil has the IT bellwethers such as TCS and Infosys worried with their stocks falling upto 2 percent.

FP Archives|Dec 20, 2014, 08:52:49 IST

Software services exporters fell as worries about the global economy intensified over eurozone woes and ahead of US jobs data later in the month. Infosys shares were down 1.1 percent, while TCS fell 1.7 percent lower.

The IT index was down 1.3 percent versus Nifty's 0.3 percent fall.

[caption id="attachment_328817" align="alignleft" width="380" caption="The IT index was down 1.3 percent versus Nifty's 0.3 percent fall. Reuters"][/caption]

The $100 billion Indian software and back-office services sector industry draws the majority of its revenues from the U.S and Europe.

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Reuters

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