Indian rupee drops to 1-mo low as stocks falter

* Stocks drop 5th time in 6 days to lowest close in 3 weeks

* Dollar's gains versus the euro also weigh

* Rupee could remain under pressure in near term - traders (Updates to close)

By Swati Bhat

MUMBAI, June 18 (Reuters) - The Indian rupee dropped to fresh one-month lows on Thursday as the stock market fell for the fifth time in six sessions, with gains in the dollar versus the euro also adding to the downward pressure.

The partially convertible rupee INR=IN closed at 48.21/22 per dollar, 0.2 percent weaker than its previous close of 48.13/14. It fell as low as 48.32 during trade, its weakest since May 18.

"The rupee was broadly tracking the stock market today. There was also demand for some 150 million dollars from a private sector bank for one of its clients, which weighed on the rupee," a senior dealer with a private bank said.

The main stock index .BSESN fell 1.8 percent to its lowest close in three weeks as profit-taking picked up momentum on market talk the cash-strapped government may roll back tax breaks for some sectors. [.BO]

Foreigners have been net buyers of more than $7.5 billion of stocks since mid-March, a key factor that has helped the rupee rise 8.3 percent from its record low of 52.2 in early March.