The Indian rupee trimmed losses in afternoon trade on Tuesday as the share market pared of its early fall but the dollar's strength against other Asian currencies capped a further rise in the local unit. * At 1:15 p.m., the partially convertible was at 49.83/84 per dollar, off a low of 49.95, but still weaker than its previous close of 49.72/74. * Asian currencies fell on Tuesday as concerns about the health of the global financial system and growing economic gloom haunted investors. [ID:nSP177240]. * Indian shares were down about 0.9 percent, after having fallen more than 2 percent earlier, as fresh concerns about the global financial system and economy dampened investor sentiment and sent Asian markets tumbling. [.BO]. * Foreign funds have sold Indian shares worth a net $1.35 billion this year after withdrawing more than $13 billion in 2008. The outflows have piled pressure on the rupee, which has dropped 2.4 percent this year after falling 19.1 percent in 2008.

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