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Virtusa hedges against currency fluctuations

Virtusa Corp. purchased multiple foreign currency forward contracts to hedge fluctuations in the Indian rupee against the U.S. dollar and the British pound.

The U.S. dollar contracts are worth approximately 1.67 billion Indian rupees, or about $25 million, and have an average settlement rate of 66.91 Indian rupees.

The British pound contracts are worth approximately 597.8 million Indian rupees, or about £6.3 million, and have an average settlement rate of 94.87 Indian rupees.

These contracts will expire at various dates during the 16-month period ending on June 28, 2019.

As of Feb. 28, US$1 equaled 65.23 Indian rupees.