The rupee was at 82.9825 against the U.S. dollar as of 09:45 a.m. IST, barely changed from its previous close at 83.0550.
The dollar index was steady near 104.1 after falling nearly 0.3% on Tuesday. The 10-year U.S. Treasury yield also slipped 8 basis points (bps) to 4.08% on Tuesday as investors awaited cues on when the Federal Reserve may begin easing policy rates.
The dollar-rupee pair may be “slightly under pressure” during the day’s session but dip-buying demand from importers, including local oil companies, is likely to cap potential downside, a foreign exchange trader at a private bank said.
Most of the rupee’s Asian peers ticked up, with the Indonesian rupiah and Philippine peso leading gains up by about 0.2% each.
The rupee has been “moving in small ranges” over the last two sessions which is likely…
