The Indian currency weakened consequently for the second week as investors fears of sale in equities resurfaced following the slide in global stocks.
The partially convertible Rupee stood at Rs 50.56 against the dollar in the early hours of trade; depreciating up to 0.88% as compared to the Thursday`s close of 50.18/22.
Asian stocks fell for the fifth day after oil plunged below USD 50, Taiwan and Singapore forecast further contractions, and US unemployment claims approached a 26-year high as the global slowdown deepens.
A similar trend was followed by US stocks which plummeted on as financial and energy stocks declined while demand for the safety of government debt spiked.
