Rupee depreciates to 49.23 against dollar

Rupee depreciates to 49.23 against dollar

At 9:06 a.m. the rupee was at 49.23/25,lower than its Thursday's close of 49.13/16.

The Indian rupee opened weaker on Friday tracking losses in Asian stocks,which could promt more foreign fund outflows,while the dollar’s rise against major currencies overseas also weighed.

At 9:06 a.m. the partially convertible rupee was at 49.23/25 per dollar,lower than its Thursday’s close of 49.13/16.

Asian stocks fell to a 1-1/2-month low on Friday,following poor corporate results in the technology sector,while the US dollar climbed as investors sought refuge from the deteriorating global economy.

The US dollar index,which measures the unit’s strength against other major currencies,was 0.2 per cent higher.

Foreign capital is a key driver of the rupee. Foreigners have sold about $920 million worth of local shares this month,after having dumped more than $13 billion in 2008.