Shares of information technology (IT) companies are trading lower as a stronger rupee is dragging marquee names such as Infosys and Wipro, among others.
The Indian rupee gained in early trade against the dollar. The rupee opened higher by 22 paise at 71.33 as compared to previous day close of 71.55.
Rupee in the last few sessions consolidated in a wide range of 71.20 and 72.30 ahead of the important FOMC policy statement that will be released tomorrow. Expectation is that the Fed could consider raising rates by 2bps and a hawkish stance could extend gains for the greenback. On the domestic front, rupee extended its gains after India’s trade deficit narrowed in November, said Motilal Oswal.
At 09:30 hrs Infosys was quoting at Rs 681.00, down Rs 12.55, or 1.81 percent. Wipro was quoting at Rs 334.50, down Rs 5.30, or 1.56 percent.
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