Indian rupee weakens as oil hits record

(Updates to early deals)

MUMBAI, July 3 (Reuters) - The Indian rupee <INR=IN> weakened on Thursday, after global crude prices climbed to a record above $144 a barrel pushing local stocks lower and intensifying concerns of further capital outflows.

At 10:05 a.m. (0435 GMT), the partially convertible rupee was at 43.30/31 per dollar, 0.3 percent weaker than Wednesday's close of 43.17/18. It had hit a 15-month low of 43.50 on Tuesday.

"The rupee is weaker mainly due to losses in Asian stocks and record global crude prices. It will have a weakening bias today and the central bank is expected to protect it," said Agam Gupta, head of foreign exchange trading at Standard Chartered Bank.

The rupee is seen trading in a range of 43.15 to 43.50 and the central bank is expected to prop it up throughout by selling dollars, but they do not seem keen to be defending any particular level, traders said.

India's main share index fell more than 4 percent in morning trade, spooked by record crude prices and political uncertainty. It had rebounded 5.4 percent on Wednesday snapping a three-day slide. See [.BO]

Oil CLc1 hit records on Thursday for the fifth time in six sessions, as the dollar fell on a gloomy U.S. jobs data and a broad equity sell-off. See [O/R]

India imports about 70 percent of its oil and high prices widen the country's trade deficit.

One-month offshore non-deliverables forwards contracts were at 43.77/87, weaker than the onshore rate. (Reporting by Swati Bhat; Editing by Ranjit Gangadharan)