IT stocks yet to gain from rupee depreciation: Credit Suisse

IT stocks have yet to benefit from an 8 percent fall in the rupee against the US dollar over the past few months, Credit Suisse says.

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Credit Suisse sees a “reasonably strong” correlation between USD/INR moves versus IT stock direction over the next 30 days.

The investment bank maintains an ‘overweight’ call in the sector, with top picks Tata Consultancy Services and HCL Technologies among larger companies, and MindTree and Hexaware among the smaller names.

Reuters