ET:Rupee falls to 2-month low, touches 55 against US dollar
MUMBAI: The Rupee fell to a two-month low on Monday, touching 55 to the dollar, after data showed the country's trade deficit widened in October, raising concerns about the current account deficit.
The rupee was trading at 54.91/92 to the dollar as of 0641 GMT after briefly touching 55, a level last seen Sept. 13. It had last closed at 54.75/76 on Friday.
Exports fell 1.6 percent to $23.2 billion in October, while imports jumped 7.37 percent to $44.2 billion, leaving a trade deficit of $20.9 billion, according to a Commerce and Industry Ministry statement released on Monday.
Exports between April and October fell 6.2 percent to $166.9 billion, dragged down by slack demand from India's major export destinations in the United States and Europe.
Oil imports for October rose by 31.6 percent to $14.79 billion, the statement said.
