Nifty companies’ FX loss seen about 40 bln rupees in Dec qtr
MUMBAI |
MUMBAI (Reuters) – Constituent companies of the Nifty would see foreign exchange losses of about 35 billion to 40 billion rupees in the quarter ending December, due to the depreciation of the rupee against the dollar, rating firm Crisil Research said in a report.
In July-Sept, these companies incurred mark-to-market forex loss worth 48 billion rupees, wiping off close to 8 percent of their profits before tax, it said.
Between July and December, the rupee depreciated nearly 18 percent against the greenback, the rating agency said.
For the study, Crisil Research analysed 42 of the 50 Nifty constituents, excluding financial services companies.
On Wednesday, the Indian rupee ended off lows after suspected RBI intervention, but global risk aversion meant the Indian currency would remain under pressure in the near term.
(Reporting by Rajesh Kurup; Editing by Rajesh Pandathil)
Article source: http://feeds.reuters.com/~r/reuters/INbusinessNews/~3/ThmKeb63tgU/nifty-firms-crisil-idINDEE7BR08320111228
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