Weak rupee helps IT stocks close higher on Friday

Reacting to the sharp surge in crude oil price after reports of air strikes in Baghdad by the US, the Indian currency depreciated against green back. The weakening of rupee helped the Indian IT companies gain in the Friday’s session.

The shares of IT companies, such as TCS, Infosys, and Wipro, were trading higher up 2 per cent each against 0.45 per cent loss in Sensex. The Indian rupee weakened against US dollar due to the surge in crude oil prices amid reports that Iranian Major-General, Qassem Soleimani, and Iraqi militia commander, Abu Mahdi al-Muhandis, were killed in an air strike on their convoy at Baghdad airport.

Tata Consultancy Services opened at Rs 2,169.00 and touched a high and low of Rs 2,223.00 and Rs 2,162.55, respectively, while the Infosys opened at Rs 734.50 and touched a respective high and low of Rs 747.00 and Rs 734.25. Wipro opened at Rs 249.00 and has touched a high and low of Rs 252.70 and Rs 247.50, respectively. Further, the Wipro’s stock price was also supported by the news of MoU with Hindustan Aeronautics (HAL). HAL has inked a memorandum of understanding (MoU) with Wipro 3D, the metal additive manufacturing business of Wipro Infrastructure Engineering, to design, develop, test, manufacture, and repair aerospace components, using metal additive technology.

TCS, Infosys, and Wipro ended the session up by 2 per cent, 1.5 per cent, and 1 per cent, respectively, on the BSE.