Rupee falls to 49.04 against dollar

Continuing its weakness for the fourth straight day, the Indian rupee on Friday depreciated by another 28 paise to an one-week low against the greenback in early trade on increased dollar demand from refiners and a widening trade deficit.At the Interbank Foreign Exchange (Forex) market, the domestic currency traded lower at 49.04 against the US currency, a fall of 27 paise over the previous close of 48.76/78 a dollar amid absence of any cues from global markets due to new year holidays.Yesterday, the rupee moved in the range of 48.46 to 48.85 before finishing 7 paise lower at 48.76/78.Dealers said heavy dollar demand from refiners and importers and widening trade deficit mainly put pressure on the Indian currency.India's exports declined by 9.9 per cent in November 2008, posting a negative growth for the second month running under the impact of a slowdown in major global markets.Exports dropped to USD 11.5 billion in November this fiscal, from USD 12.7 billion a year ago while imports grew by 6.1 per cent to USD 21.5 billion, leaving a monthly trade deficit of USD 10 billion.