Gold Silver Reports (GSR) – As the rupee remains below the 70 mark to a dollar, having weakened the most among Asian peers so far this year, analysts said it’s expected to boost earnings for software exporters and pharmaceutical companies and hurt sectors with high dollar-denominated debt.
A 1 percent depreciation in the rupee will result in 0.3 percent increase in Nifty 50 earnings, according to Elara Capital. Reliance Industries Ltd. and Infosys Ltd., with their dollar-driven revenue, will be among the biggest positive contributors to Nifty earnings, the brokerage said, adding that a weak Indian unit will hurt import-driven firms like the nation’s largest carmaker Maruti Suzuki Ltd. and oil refiners and marketers Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd.