MUMBAI, Aug 17 Reuters The Indian rupee weakened against the U.S. dollar on Thursday amid a further rise in US treasury yields, prompting the Reserve Bank of India RBI to intervene to prevent a larger decline.

The rupee was at 83.10 by 1046 a.m. IST, compared to Monday39;s close of 82.9500. Domestic forex markets were closed on Tuesday and Wednesday.

The rupee was under pressure in the offshore market on Tuesday and Wednesday, but managed to recover on likely RBI intervention.

On Thursday morning too, RBI intervened, likely selling dollars via public sector banks to ensure that the rupee did not fall to a record low.

There was sizeable intervention from RBI and the rupee is expected to be in a narrow range for the rest of the day, a foreign exchange trader at a bank said.

While the RBI has enough FX reserves to defend a particular level for the rupee, we remain cautious in assuming that the central bank would want to put a hard stop for the pair at 83 level given global pressures, HDFC Bank39;s treasury research desk said in a note 

India39;s foreign exchange reserves stood at 601.45 billion as of August 4, down from 603.87 billion in the week preceding that.

Yields on the 10year U.S. treasury notes rose to 4.2820, marking the highest level since October 2022.

Asian currencies also weakened against the dollar, with the Malaysian ringgit and Korean won leading losses. The offshore Chinese yuan dropped to an over 9month low.

Major staterun banks in China were…