TCS official says rupee volatility is an issue

MUMBAI: The volatility of the rupee is a matter of concern though the recent Rupee depreciation vis-a-vis the US dollar would benefit Tata Consultancy Services (TCS), its Chief Financial Officer, S Mahalingam, said.

The depreciation of the rupee is good for the company and it would benefit by the decline of the currency against the US dollar, Mahalingam told reporters on the sidelines of a CII-organised conference here today.

The rupee has exhibited considerable weakness against the dollar over the last few days and closed today at a low of 51.97.

This depreciation is expected to boost the performance of IT companies which rely heavily on exports.

Mahalingam, however, said that the volatility exhibited by the Rupee was also an issue that needed to be looked at.

Responding to a query on lay-offs at TCS, Mahalingam said that it (lay-offs) would happen in any performance-based organisation.

He, however, said that things are difficult for the IT industry.