Now some reverse sweep.
A few months of living with an appreciating rupee it seems had robbed our exporters of their art of making profits from currency fluctuation. Now the Rupee has been depreciating since June, our IT vendors have been steadily making – yeah, you guessed it – losses.
Here is the score card. HCL Tech – $65-75 million; TCS - $12 million; Mindtree - $3 million; Biocon - $ 7 million.
These are violent times in the currency markets and no one can accurately predict the direction of a currency. In the best of times, sometimes it pays to go naked. I had figured it out more than a month back, well almost!