MUMBAI, Oct 19 Reuters The Indian rupee is expected to be under pressure on Thursday after longmaturity U.S. Treasury yields climbed to multiyear highs on expectations that rates will remain high for long.

Nondeliverable forwards indicate the rupee will open at around 83.2683.27 to the U.S. dollar compared with 83.2575 in the previous session and within a whisker of the 83.29 record low.

The Reserve Bank of India has over the last several days intervened to prevent the rupee from falling to a lifetime low.

Looking at how U.S. yields keep marching higher and how oil prices are, you would have to at least consider the possibility that the RBI will relent, a forex trader at a Mumbaibased bank said.

From what I have seen this week, odds of a new low on rupee are now higher.

The 10year U.S. Treasury yield rose to 4.9550 in Asia, the highest in sixteen years. Federal Reserve officials once again signalled their preference for keeping interest rates high which alongside robust U.S. economic momentum is prompting investors to pile out of Treasuries.

Reiterating a common talking point among policymakers, New York Fed President John Williams said the central bank needs a restrictive monetary policy for a while to cool inflation.

Futures traders have lowered bets on the Fed cutting rates late next year to less than two from a previous four, while extending a target rate projection of 5 or more through to September 2024. .

Resilient US economic data brought the…