MUMBAI (Reuters) - The rupee fell further in afternoon trading on Monday, weighed by dollar demand from a local steelmaker and oil importers. Weaker Indian stocks added to the pressure. * At 2:48 p.m. (0918 GMT), the rupee was at 49.59/60 to the dollar, 0.6 percent weaker than 49.305/315 at the close on Friday when it rose to 49.2975, a level last seen on November 8. * Traders said banks bought about $400 million, most likely for JSW Steel , India's No. 3 steelmaker. * But other traders said selling in the local currency was not surprising given the sharp rebound after the record low of 54.30 was touched on December 15. The rupee has gained 7 percent so far in 2012 after erasing 16 percent of its value in 2011. * The BSE Sensex was down 1.8 percent snapping a six session rally. (Reporting by Aditya Phatak; Editing by Rajesh Pandathil) ( Enjoy Moneycontrol.com on iPad and be prepared for a fantastic experience. Get real time stock quotes, interactive charts, market buzz, and watch CNBC-TV18, CNBC Awaaz live on your iPad. Check out the free moneycontrol app. Click here to download now )

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