Indian rupee eases on weaker equities, exports

* Hits intraday low of 47.50/dollar

* Main stock index ends 3.1 percent lower

* Weaker Sept exports weigh down sentiment

(Updates to close)

By Anurag Joshi

MUMBAI, Nov 3 (Reuters) - The Indian rupee slipped on Tuesday as local shares fell for the sixth straight day and weaker September exports raised concerns that dollar inflows could slow down if such a trend persists.

The partially convertible rupee ended at 47.40/41 per dollar, off an intraday low of 47.50 and about 0.9 percent below its previous close of 46.96/97 on Friday. Financial markets were closed on Monday for a holiday. "Foreign banks were buying dollars on behalf of overseas funds. Besides, a fall in exports also added to the bearish sentiment for the rupee," said a senior trader with a foreign bank.

Indian shares ended 3.1 percent lower on Tuesday. Foreign portfolio inflows of about $14.2 billion so far in 2009 has been a key support for the local currency, but recent weakness in the equity market has raised worries about their sustainability.

India's exports in September fell 13.8 percent year-on-year to $13.6 billion, a government official told Reuters on Tuesday. Trade deficit INTRAD=ECI, however, shrunk to $7.77 billion in the month, and imports fell 31.3 percent on year to $21.38 billion.

Traders said a stronger dollar in overseas markets also pressured the rupee. The dollar hit a one-month high against a basket of currencies on Tuesday as investors retreated from risk assets on renewed jitters over banks. [USD/]

One-month offshore non-deliverable forward contracts PNDF were quoting at 47.46/56, weaker than the onshore spot rate.

In currency futures INRFUTURES, the most traded near-month contracts on the National Stock Exchange and MCX-SX was at 47.4875 and 47.48 respectively, compared with 47.07 and 47.06 last Friday. (Editing by Malini Menon)