MUMBAI, April 20 Reuters The Indian rupee is expected to consolidate at open against the U.S. dollar on Thursday, after falling below the important nearterm support level of 82.20 in the previous session.

The nondeliverable forwards indicate the rupee will open at around 82.2082.25 to the U.S. dollar compared with 82.2250 on Wednesday.

The rupee declined for the third straight session on Wednesday, bogged down by the cash and hedging dollar demand and higher U.S. yields, according to traders.

It is sort of a surprise that we have managed to reach the 82.20 level. We were betting on a 81.80 to 82.20 immediate range, a spot dealer at a private sector bank said.

USDINR will see a quiet open with traders assessing whether the up move will stick and likely to move higher in the afternoon, he said.

Other Asian currencies like the Chinese yuan and the Korean won weakened on Thursday, impacted by another move up in U.S. yields. The 2year U.S. yield overnight reached 4.28, the highest level since midMarch.

Higherthanexpected inflation in Britain and possibility that the Federal Reserve could keep hiking interest rates weighed on demand for U.S. bonds.

UKs inflation data triggered a repricing higher across developed market yields, DBS Research said in a note.

While inflation dynamics differ across countries it is still a reminder that price pressures linger.

Fed funds futures traders are pricing in a 90 probability the Fed will hike rates by an additional 25 basis…