Maajor Indian companies, which have been on an acquisition spree of late, is estimated to have concluded 70 merger and acquisition deals between April and September, spending $14 billion.

The appreciation of the rupee by 10 per cent against the US dollar is estimated to have saved these companies as much as Rs6,500 crore ($1.66 billion), an Assocham Eco Pulse (AEP) study said.

"While homegrown IT companies are struggling to cope with the rupee pressure, the currency appreciation has given an advantage in terms of prospects for inorganic growth worldwide," it said.

The IT sector, which dominated the overseas M&A activity in the second quarter with deals worth $1.56 billion, would have saved Rs 795 crore in first half of this fiscal.

In tandem with the continuous decline in dollar value, the US remained the most favourite hunting ground for Indian companies in both the first as well as second quarter.

While overall overseas buyouts of India Inc fell 64 per cent in the second quarter, valuation of deals with US firms remained the same at $2.9 billion for both quarters.

While the Indian currency has risen about four per cent against the euro since March this year, buyouts by Indian companies in Europe witnessed a sharp decline of 88 per cent in the second quarter as compared to the first quarter this fiscal, the study pointed out.