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Export stocks to come under pressure as rupee likely to rally despite Fed rate hike

Export-oriented companies from sectors like IT and pharma are likely to see some pressure going ahead with the sudden surge in the rupee in the past two sessions.

Reacting to the sharp movement in the local currency, shares of software firms plunged nearly 3 per cent in Wednesday’s session. On NSE, Nifty IT index was the only sectoral loser with a fall of around 2 per cent.

All 10 constituents of the Nifty IT pack were in the red around 2.30 pm. From the IT pack, Tata C ..

The rupee added to the Tuesday’s gains and was up around 38 paise to 65.44 against the US dollar, as it hit its highest level since November 2015 in afternoon trade.

The rupee on Tuesday had surged by a massive 78 paise to 65.82 against the US dollar on selling of the American currency following BJP’s emphatic victory in Uttar Pradesh.

Currency analysts are also bullish on the local currency as they believe that markets have already factored in the widely expected inter ..