(Updates to close) 
    MUMBAI, Nov 13 (Reuters) - The Indian rupee slipped to its 
lowest close in two weeks on Tuesday, tracking losses in Asian 
currencies as investors pared holdings in emerging markets on 
concerns about the fallout from the U.S. subprime crisis. 
    The partially convertible rupee <INR=IN> ended at 39.42/43 
per dollar, moving down from Monday's close of 39.36/37. It hit a 
near decade high of 39.16 last week. 
    "There are no real inflows at the moment, but there were 
outflows, and the market is positioning for more funds to go 
out," said a senior dealer with a private bank. 
    India's main stock index <.BSESN> snapped a six-day fall on 
Tuesday, ending its longest losing streak in nearly five years. 
    Foreign funds have sold $438 million of local shares in 
November, trimming their net buys to just under $17 billion in 
2007. 
    Overseas investments into local equities have been a key 
driver of the rupee, which has gained more than 12 percent this 
year. 
    Data showed the Reserve Bank of India bought a record $11.86 
billion in intervention in September to slow the rupee's rise 
after U.S. rate cuts drew huge inflows into the stock market. 
    The central bank is widely seen as playing an active role in 
tempering the rupee's ascent in October and November as well. 
    Most dealers expect the rupee to trade in a broad 39.30-39.50 
range this week. 
    "Until we break out of this range, we're not going to get any 
clear direction," said the chief dealer with a foreign bank. 
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                       MARKET SNAPSHOT 
    Bombay Sensitive Index         <.BSESN> 
    Indian rupee (/$)              <INR=IN> 
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 (Reporting by C.J. Kurrien; Editing by Mark Williams) 
 ((Reuters Messaging: [email protected], 
91-22-6636 9037)) 
Keywords: MARKETS INDIA RUPEE