Shares of 13 pharmaceutical companies rose by 0.11% to 3.3% at 10:29 IST on BSE as the rupee weakened against the dollar today, 4 September 2013.
Ranbaxy Laboratories (up 3.3%), Cipla (up 2.08%), Dr. Reddy's Laboratories (up 2.01%), Sun Pharmaceutical Industries (up 1.73%), Lupin (up 1.58%), GlaxoSmithKline Pharmaceuticals (up 1.56%), Divi's Laboratories (up 1.07%), Cadila Healthcare (up 1.05%), Aurobindo Pharma (up 0.88%), Strides Arcolab (up 0.54%), Biocon (up 0.53%), Ipca Laboratories (up 0.37%) and Wockhardt (up 0.11%), edged higher.
The BSE Sensex was up 287.11 points, or 1.57% at 18,521.77.
The rupee was trading at 67.80 to the dollar against the Tuesday's close of 67.63/64. It fell to a record low of 68.85 last week.
A majority of revenues for the pharma companies comes from exports. A falling rupee means that when the dollar earnings are converted into rupees, the revenue gets a boost.
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