The Indian company makes payment in foreign currency. Accordingly, does liability of payment of GST on RCM arise?
Expect rupee to trade in a range of 71.60-72.40 in the near term
After falling nearly 9 per cent in 2018, the Indian currency has shed another 4 per cent this year to touch a 2019 trough of 72.40 per dollar on Sept 3
The domestic currency on Tuesday dived 31 paise to end at a nearly one-month low of 71.54 due to heavy dollar buying amid fresh concerns over the progress of China-US trade talks.
The domestic unit gave up most of its losses to close down by 3 paise at 71.80 on Thursday.
In the calendar year 2019, Infosys has outperformed the market by surging 22 per cent as compared to a 4 per cent rise in the Sensex and 12 per cent gain in the S&P BSE Information Technology index.
The domestic currency on Tuesday furthered its loss by another 28 paise to close at a new six-month low of 71.71 as economic uncertainties continued to weigh.
Meanwhile, higher crude oil prices also had its impact on rupee's trading pattern
The domestic unit on Wednesday lost 29 paise to close at 71.77 as fears of an impending global recession prompted investors to stick to safe-haven assets.
The rupee closed at 70.73 a dollar, the sharpest fall in percentage terms since September 2013 when the taper tantrum sent EM currencies in a tizzy
The domestic unit on Tuesday tumbled 99 paise to settle at 72.39. That marked its worst single-day fall since August 5 and the lowest closing level since November 13, 2018.
The domestic unit on Wednesday recovered from initial losses to settle higher by 5 paise at 71.66, extending gains for a fifth straight session.
The domestic unit on Thursday climbed 52 paise to end at 71.14 as signs of easing trade tensions between the US and China buoyed global markets.
The domestic unit on Monday recovered from day's low levels to close flat at 70.94 on Monday helped by foreign fund inflows into equities and lower global crude oil prices.
The domestic unit declined 31 paise to close at 70.87 on Monday amid rising demand for the greenback vis-a-vis other currencies overseas.
The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point.
The domestic unit on Wednesday gained 27 paise to settle at 72.12 in line with a recovery in domestic equities.
The domestic unit on Thursday gained 28 paise to settle at 71.84 as investor sentiment revived after China and the United States said they will resume trade talks.
The domestic unit continued its winning momentum for a third session in a row on Friday, rising 12 paise to settle at 71.72.
The domestic unit on Friday appreciated by 38 paise to close at a two-week high of 71.42 on Friday led by a rally in domestic equities and renewed hopes of the US-China trade talks.