Dec 28 (Reuters) - The Indian rupee fell further in afternoon trade on Wednesday dragged by continuing dollar buying from oil importers and for defence-related payments. * Negative sentiment in the domestic equities and subdued dollar inflows added to the selling pressure on the rupee, traders said. * At 2:34 p.m. (0904 GMT), the rupee was at 53.37/38 per dollar, 0.7 percent weaker than Tuesday's close of 53.015/025. Most dealers forecast a range of 53.10 to 53.50 for the unit in rest of the session. * Fewer participants in the local foreign exchange market as the year draws to a close added to the rupee's woes, dealers said. * India's main share index was down more than 1 percent led by banking stocks. (Reporting by Aditya Phatak; editing by Malini Menon)

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