Rupee weakens for third day

The Indian rupee weakened for a third straight session on Wednesday as elevated US Treasury yields and rising global crude oil prices weighed on the local unit.

The rupee closed at 83.1325 against the US dollar, down 0.11 percent from its close of 83.04 on Tuesday. During the session, the currency dropped to 83.18, its lowest level in more than 10 months.

The rupee could take a breather tomorrow, a foreign exchange trader at a foreign bank said.

Expectations that the Reserve Bank of India (RBI) may step in to defend the rupee around the 83.20-25 levels and a slight reversal in crude prices could support the local unit, the trader added.