Indian Rupee depreciated against the U.S. Dollar on Wednesday following an overnight jump in U.S. yields and the greenback on bets of more rate hikes from the Federal Reserve.
The local currency opened flat at 82.80 against the greenback, before it depreciated to 82.87 intraday, according to Bloomberg data.
It weakened 6 paise to close at 82.86 against the U.S. Dollar.
On Tuesday, the Rupee had weakened 7 paise to close at 82.80.
"Supports for the dollar-rupee spot pair are at 82.65 and 82.50, resistances are at 82.95 and 83.10," said Reliance Securities Ltd. "Asian peers have also started weaker, while overall weakness in equity markets are likely to weigh on sentiments."
"However, RBI could be present in the markets like they have been intervening previously in both onshore and offshore to prevent the rupee from weakening below the 83 handle," the brokerage said. Investors could also be cautious ahead of RBI’s MPC minutes, it said.
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