* Rising foreign fund withdrawals from stocks hurt
* Import demand, dollar's gains overseas also weigh (Updates to mid-morning)
MUMBAI, Jan 23 (Reuters) - The Indian rupee weakened on Friday tracking the dollar's strength against majors overseas and some demand from importers, with wobbly shares also weighing.
At 11 a.m. (0530 GMT), the partially convertible rupee was at 49.15/16 per dollar, slightly weaker than its Thursday's close of 49.13/16.
"The underlying demand for dollars remains, so the bias is likely to be towards a weaker rupee," the chief dealer with a state-run bank said.
Foreign capital flows have been a key driver for the rupee in the last two years. Foreigners have sold about $920 million worth of local shares this month, after having dumped more than $13 billion in 2008.
Dealers said the dollars strength overseas was hurting sentiment for the local unit. The dollar was supported by comments from Treasury Secretary nominee Timothy Geithner, who said a strong dollar is in the United States' interest. [USD/]
The dollar index <=USD>, which measures the dollar's performance against other major currencies, was up 0.4 percent.
The Indian share market .BSESN was choppy in early trade, weighed down by earnings worries and weak overseas markets. [.BO] (Reporting by Swati Bhat; Editing by Ranjit Gangadharan)
