MY: Rupee weakens to 49.04/USD on widening trade deficit
Indian rupee weakened to a one-week low against the greenback in early trade on Friday on increased dollar demand from refiners and a widening trade deficit.
The partially convertible rupee stood at 49.04 against the dollar; depreciating up to 0.53% than its previous close of 48.76/78.
India`s exports which were impacted by major slowdown in global markets declined 9.9% in the month of November 2008 to stand at to USD 11.5 billion as against USD 12.7 billion a year ago. Imports on the other hand grew by 6.1%to USD 21.5 billion, leaving a monthly trade deficit of USD 10 billion.
