Rising Indian Rupee and Hue & Cry of Indian IT exporters

Indian Rupee has appreciated against US$ by about 15% during the last 4 months. Indian IT industry is predominantly export oriented and obviously the margins of IT exporters were affected. What is questionable is-

1. Why did the CFOs and other financial experts of these companies did not take adequate risk mitigation measures?
2. Dollar was falling against all major currencies, then why they did not envisage it in Indian context?

Almost all the IT companies mentioned in their quarter 1 results (Q1 2007-08) that their margins were shrinked owing to rising rupee. Only Tata Consultancy Services (TCS) mentioned that it hedged its currency exposure risk and the impact was reduced.

It is rather unfortunate that software companies are blaming the Government and the RBI for not doing enough to stem the rise of rupee. I think that the RBI has done an excellent job of managing inflation, interest and foreign exchange. The primary concern of the RBI is management of inflation, and an appreciating rupee is definitely helping the central bank achieve that.