Rupee opens flat at 83.02 against the US dollar

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rupee depreciated 29 paise to end near its two-week low of 83.04 a dollar. The yen was at 147.66 per dollar, just shy of 147.8 per dollar, the lowest since November 4 it touched overnight. The euro was unchanged at $1.0721, having breached a three-month low of $1.0705 overnight.

Sterling was last at $1.2559, down 0.03% on the day. It also touched a three-month low of $1.25285, Reuters reported. US Treasury yields rose on Tuesday with the 10-year yield now about ten basis points shy of the recent high as resilient US economic data raised expectations that the US Federal Reserve will keep interest rates high for longer.

Federal Reserve Governor Christopher Waller said on Tuesday that he felt US treasury yields were about where they should be and cautioned against assumptions about no further Fed tightening, Reuters reported. “The pair is expected to hold the support near 82.80 and move higher towards 83.20 amid strong dollar and higher crude oil prices. The dollar is expected to remain firm amid rising concerns over global growth.

Meanwhile, investors will remain focused on Fed members speech to get more clarity on the future rate path," ICICI Direct said in a report. It expects USDINR to move in between 82.80-83.20. Only close below 82.80 it would slide towards 82.60, it added.

Meanwhile, crude oil prices surged on worries about a supply shortage after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year. Brent crude futures rose 0.13% to $90.16 a barrel, while US West Texas Intermediate crude (WTI) futures gained 0.10% to $86.78 a barrel. On the domestic front, the Indian benchmark equity indices, Sensex and Nifty, were trading flat in the pre-opening session.