Rupee weakens

KARACHI (Reuters) - In the currency market, the rupee ended lower at 84.23/84.28 to the dollar compared with the previous days close of 84.08/13. Dealers said dollar buying for import payments, especially for oil, pushed up the demand for the U.S. currency. Banks also bought dollars on behalf of companies sending dividend payments to overseas shareholders, they said, and added that the rupee could ease further in coming days. The rupee fell to an all-time closing low last month but gained sharply to hit a four-month high last week. Overnight rates ended flat at 9.50 percent and dealers said rates were likely to remain steady near term.

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