New Delhi (PTI): Revenues of major IT firms are expected to be hit by up to 7 per cent in rupee terms in the April-June period as appreciation in the Indian currency against the dollar during the quarter would impact negatively the margins compared to the previous quarter, says a report.

"US dollar-revenues should be flat to marginally down quarter-on-quarter, with rupee/USD appreciation leading to rupee revenues being down 5-7 per cent Q/Q," JP Morgan said in its Asia Pacific Equity Research.

Besides, another report said that companies would also go slow on hiring front as they would prefer to make optimum utilisation of the available manpower as the demand situation is still unclear.

"Hiring should continue to be slow – companies continue to focus on utilisation in absence of clear demand trends," global financial services firm Citigroup said in a research note on the IT services and software segment.

The rupee has appreciated by 5.84 per cent against the US dollar in the June quarter over the previous quarter, while on an year-on-year basis, it has depreciated nearly 12 per cent.

According to Citigroup, Infosys is likely to post a degrowth of 6.5 per cent sequentially, while Wipro and TCS are likely to post a decline of 5.3 per cent and 6.2 per cent respectively in revenues in rupee terms.