(Reuters) - The rupee weakened on Tuesday as global growth concerns heightened risk aversion and dented confidence in the euro, Asian currencies and equities.
At 11:44 a.m. (0614 GMT), the partially convertible rupee was at 46.13/14 per dollar, 0.3 percent weaker than Monday's close of 45.985/995. Traders said it could weaken further on bunched-up dollar outflows after U.S. market holiday on Monday.
"We are at critical levels. If we see 46.20 breaking, then the momentum can take it to 46.50," said a senior foreign exchange dealer at a foreign bank.
However, dollar selling by exporters around 46.20 may provide some breathing space for the rupee, traders said.
The rupee had touched 46.2150, a more than 11-month low, on Aug. 25.
Asian shares and the euro fell on fears that Europe's sovereign debt troubles are worsening and could trigger a second, full-blown banking crisis.
Concerns over global growth have deepened since last Friday when a bleak jobs report hinted the United States may slip into a recession.
India's benchmark share index shed more than 1 percent on growth worries.
The euro was at $1.4064, lower than $1.4122 when the rupee closed on Monday, while the index of the dollar against six major currencies was at 75.300 points, sharply up from 75.056.
The one-month onshore forward premium was at 11.25 points from 10.25 on Monday, the three-month was at 35.25 points from 34.25 and the one-year at 121.75 points from 125.
The one-month offshore non-deliverable forward contracts were quoted at 46.26, weaker than the onshore spot rate.
In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were all at 46.2050. The total volume at $2.07 billion.
(Reporting by Aditya Phatak; Editing by Ranjit Gangadharan)
