Mutual Fund exposure to software stocks hits all-time high in July

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Mutual Fund exposure to software stocks hits all-time high in July

Mutual Fund managers seem to be bullish on software shares as they raised their allocation in the sector to an all time-high of over Rs 38,000 crore in July due to depreciation in rupee.

In comparison, equity fund managers deployment in software stocks stood at Rs 27,596 crore in July last year.

Industry experts said that fund managers raised their allocation to software stocks due to declining rupee against the US dollar.

Like exporters, IT companies earn majority of their revenue in dollars. Depreciating rupee means exporters get more rupee per US dollar.

Source :Daily News & Analysis
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