MUMBAI, Sept 5 Reuters The Indian rupee closed weaker on Tuesday as the local unit slipped to the 83 level for the first time in nearly two weeks due to broad weakness in Asian currencies and likely dollar outflows.

The rupee ended at 83.04 against the U.S. dollar, compared with 82.7475 in the previous session.

The Chinese yuan and other Asian currencies dropped after a sluggish data release from China renewed concerns about the country39;s economic growth trajectory.

The Korean won led losses among the Asian currencies, down by almost 1. On the other hand, the dollar index was up 0.46 at 104.6.

Traders said dollar outflows were another reason for the rupee39;s weakness. While some traders cited corporate dollar outflows, others pointed to equityrelated outflows.

Dollar demand from oil companies also exerted pressure on the rupee, a foreign exchange trader at a foreign bank said.

Meanwhile, the yield on the 10year U.S. treasury rose slightly to 4.21 in the Asia session, while the twoyear treasury yield held steady at 4.90 after rising on Friday. U.S. markets were closed on Monday on account of the Labour Day holiday.

Unless the rupee perches lower than its alltime low, it is unlikely to convincingly move in any one direction, said Anindya Banerjee, head of foreign exchange research at Kotak Securities.

This is the deadzone for the USDINR bulls, Banerjee said, referring to how the rupee has received the Reserve Bank of India39;s help around similar levels in the…