Page 17 - Rupee Falls News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Shares of IT firms have lost ground despite the rupee slipping in the last five sessions. Usually, rupee and IT stocks share an inverse relationship. When rupee falls, IT sector stocks rise on prospects of increased earnings since most of them deal in outsourcing of business from overseas clients and earn in dollars. On the other hand, when rupee rises, IT shares fall. However, this time, the fall in rupee has been accompanied by a decline in IT stocks. The rupee, which closed at 79.25 to the dollar on July 8 has fallen to 79.92 today, losing 67 paise during the period amid a stronger greenbac...

The rupee movement against the dollar will be triggered by the inflation numbers of the US which are expected to be out later on Wednesday.

Besides, persistent foreign fund outflows and elevated crude oil prices kept the pressure on the local unit, forex traders said.

At the interbank foreign exchange, the rupee opened at 79.04 against the US dollar, registering a decline of 9 paise over the last close.

Forex traders said the weakness of crude oil prices is supporting the local unit.