MUMBAI, Sept 18 (Reuters) - The Indian rupee dropped on Friday as choppy shares raised concerns about the sustainability of the recent stock market rally while the dollar's gains versus the euro also hurt sentiment to some extent. * At 1:20 p.m., the partially convertible rupee INR=IN was at 48.21/22 per dollar, weaker than 48.15/16 at close on Thursday, when it rose to 47.92 during trade, its highest since Aug. 11. * Shares .BSESN seesawed on Friday as investors took profits after the market climbed to a 16-month closing high in the previous session and as a long weekend and weak regional peers weighed on sentiment. [.BO] * The dollar rose against the euro on Friday, edging up from a one-year low hit the previous day, as investors covered short positions in the wake of the greenback's slide during the week. [USD/] * In the currency futures market INRFUTURES, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at 48.2250 and 48.2275 respectively, with the total traded volume on the two exchanges at about $1.3 billion.

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