15% depreciation of the Rupee, followed by 8% appreciation, all within the quarter, and the quarter is not even done.  Unprecedented.

It will be interesting to see how Indian IT companies are managing foreign exchange fluctuations, and the consequent impact to their bottom lines.

Anecdotal evidence of contract renegotiations are beginning to surface.  I have talked about this in one of my previous blogs. This too will also have some impact to the bottom lines.