The Indian rupee will fall at the open on Wednesday, following the widespread fall in its Asian peers amid rising US Treasury yields. Undeliverable futures indicate that the rupee will open at 83.20 per US dollar, up from 83.1775 in the previous session

The Chinese yuan fell to its lowest level in over six months against the US dollar on Wednesday, after US Treasury yields hit a nearly four-week high, sending the greenback up. The yuan touched 7.2487 per dollar in morning trading, its lowest level since November 17, 2023. The currency is down 2.1% this year, under the pressure of relatively low returns compared to other currencies and a struggling real estate market.

The dollar held steady on Wednesday, knowing that the Federal Reserve is unlikely to cut rates until the end of the year, ahead of this week's crucial inflation numbers, while the yen drifted to its lowest level in four weeks. The dollar was also supported by higher Treasury yields after a lackluster debt auction for two- and five-year bonds that raised doubts about the U.S. government's debt demand.

For its part, the Australian dollar rose briefly on Wednesday after local inflation was surprised by a high figure, which hit bonds and added due to the risks that interest rates may have to increase further. The Kiwi dollar held steady at $0.6136, after reaching a 10-week high of $0.6170 in the previous session. The support is at $0.6135 and $0.6084. The Aussie strengthened by a fraction to $0.6652, after reaching $0.6680 overnight before running out of steam. The support is around $0.6640 and $0.6592, with resistance at the May high of $0.6714

The yen hit a 34-year low of 160.245, leading to at least two suspicious interventions that week, with Japanese authorities spending over 9 trillion yen ($57.21 billion) to support the fragile currency. The yen, which is sensitive to Treasury yields, is down 10% over the year against the dollar, but could still register a monthly gain in May.