The EUR and GBP have been steadily depreciating vs. the USD over the past quarter. The EUR depreciated by 5.6% vs. the USD over the two and half month period and stands at 1.29 as of today (vs. 1.37 as on 1 July 2014). The GBP depreciated by 5.3% and stands at 1.62 today (vs. 1.71 as on 1 July 2014), according to HDFC Securities.

''Indian Tier 1 IT vendors earn nearly 15-26% of their revenues in these currencies (GBP and Euro combined). Thus, a steady weakening of these currencies vs. the USD could have negative implications on USD revenues for the Tier 1 IT vendors,'' said HDFC Securities.

''TCS, during its 2QFY15 sell side analyst briefing, has guided that cross currency movements could have a negative impact of 80bps on USD revenues for 2QFY15,'' it added.

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