IT stocks rally smartly as rupee hits 19-month low of 68.53 to the dollar

Technology stocks rallied smartly on Wednesday, with the IT index gaining over a percent after the rupee touched fresh 19-month low of 68.54 against the dollar.Tech Mahindra was the biggest gainer among IT stocks, rising more than 2 percent while KPIT Technologies, TCS and HCL Technologies rallied over a percent. Infosys was up 0.8 percent.These software companies earned major revenues through exports, so the weaker rupee is always favourable for them.The Indian currency plunged as much as 30 paise in the morning on strong month-end dollar demand from importers and banks amid sustained foreign capital outflows.

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