Re appreciation causing concern: Infy CEO
The "rapid change" in the value of rupee against other currencies is causing concern for the information technology industry, Chief Executive Officer of Infosys Technologies S Gopalakrishnan said on Friday.
By PTI |
BANGALORE: The "rapid change" in the value of rupee against other currencies is causing concern for the information technology industry, Chief Executive Officer of Infosys Technologies S Gopalakrishnan said on Friday.
"The rapid change in the appreciation of rupee is the one which causes concern rather than the appreciation per se," he told reporters here.
"I think the challenge has been the rapid change that has happened. If it has happened slowly, we learn to manage. Overtime, the industry will figure out," he said.
Indian rupee has risen nearly 10 per cent against the US dollar since the beginning of 2007 and 14 per cent since August last year, raising concern among exporters. The country's IT companies earn a major share of revenues from overseas operations, particularly the US, and a rise in rupee value hurts their earnings.
"The rapid change in the appreciation of rupee is the one which causes concern rather than the appreciation per se," he told reporters here.
"I think the challenge has been the rapid change that has happened. If it has happened slowly, we learn to manage. Overtime, the industry will figure out," he said.
Indian rupee has risen nearly 10 per cent against the US dollar since the beginning of 2007 and 14 per cent since August last year, raising concern among exporters. The country's IT companies earn a major share of revenues from overseas operations, particularly the US, and a rise in rupee value hurts their earnings.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
