MUMBAI, Oct 3 Reuters The Indian rupee fell on Tuesday as elevated U.S. Treasury yields and broad strength in the greenback weighed on Asian currencies.

However, likely intervention by the Reserve Bank of India RBI helped the local unit stay away from lifetime lows.

The rupee was at 83.20 against the U.S. dollar as of 1115 a.m. IST compared with a close of 83.04 in the previous session.

The RBI likely sold dollars in the nondeliverable forwards market, before the spot market opened, five traders said.

They RBI are likely to keep supplying dollars to limit moves to 83.2483.25 levels, a foreign exchange trader at a private bank said.

Dollar sales from foreign banks, related to custodial flows, could also support the rupee, traders said.

With the rupee hovering close to its record low levels over the last few weeks, the RBI has likely been intervening in nondeliverable forwards to stem the pressure on the local unit.

The U.S. 10year Treasury yield rose to 4.70, its highest level since October 2007, on Tuesday, amid expectation that U.S. interest rates will stay higher for longer.

The dollar index climbed to 107.19, the highest since November 2022. The Thai baht and Indonesian rupiah lead losses in Asia.

Short positions on the rupee have firmed to their highest since November 2022, according to a Reuters poll.

It39;s a bit puzzling what the RBI is doing now, said Anindya Banerjee, head of foreign exchange research at Kotak Securities, referring to the central…