Indian rupee backs off its lowest since Dec '02

* Rupee falls to lowest level since December 2002

* Banks sell dollars in spot market, buy in forwards

* Central bank likely to have intervened sporadically (Updates to close)

By Swati Bhat

MUMBAI, Oct 7 (Reuters) - India's rupee clawed back some of its losses on Tuesday after dropping to its lowest since December 2002, but weaker Asian currencies and a fall in the local stock market kept pressure on the unit.

The partially convertible rupee INR=IN ended at 47.915/93 per dollar, 0.2 percent weaker than 47.80/81 at close on Monday. The rupee fell to as low as 48.17 during the session, its lowest since Dec. 16, 2002, according to Reuters data.

"The rupee is under pressure because of the global scenario, dollar shortage, (and) weak equity outlook among other things," said V. Kumar, chief forex dealer at State Bank of Travancore.

"But the rupee recovered from the lows as some banks were selling dollars in the spot market and buying it in the forwards," he added.

Overnight foward rates, which were quoting at a premium earlier in the session, were at a discount of 0.03 rupees to spot at the close of the trading session, after sentiment was undermined by the dollar's strength overseas.