Rupee Hits New Low, IT Stocks Surge Amid Dollar Revenue Earnings

IT stocks such as Infosys, TCS, and Wipro rose up to 2% as the rupee's sharp slide past the Rs 90-per-dollar mark spurred renewed buying in export-heavy technology names. The Nifty IT index rose around 1%, with Wipro leading the gains. The rupee's slide was driven by weak capital flows, persistent importer demand, and ongoing uncertainty around a U.S.-India trade deal. The currency touched 90.13, surpassing Tuesday's record low of 89.9475. Anindya Banerjee, Head of Commodity and Currency at Kotak Securities, said USD/INR's surge toward 90 is being fuelled by continued short-covering from speculators and sustained importer demand. The RBI must remain active below 90 to prevent a higher-trending phase toward 91.00 or even higher.