The rupee opened marginally weaker and is at risk of slipping past the 96 mark after settling at 95.9550 to the dollar on Tuesday.The Indian rupee is likely to remain under pressure on Wednesday, with a Federal Reserve rate hike later in the day adding to the strain from high oil prices. The local currency has fallen for seven straight sessions, shedding about 1.5% despite the central bank's near-daily intervention to support it. The slide has been largely one-way, with the rupee weakening to ?just shy of the 96-a-dollar mark from around 94.30 about two weeks ago. A sustained break of 96 could accelerate the move lower. Interest rate futures are now pricing in more than a 90% chance of a Fed rate hike later on Wednesday, up from about 60% a week back, according to CME FedWatch Tool. The repricing ?has ?come in the wake of Brent crude climbing towards $110 a barrel, heightening concerns over inflation and pushing U.S. yields to multi-year highs. The Reserve Bank of India likely intervened in the foreign exchange ?market on Wednesday. The central ?bank has been intervening in the FX market frequently to support ?the rupee, which has helped limit the currency's decline ?in the face of multiple headwinds. The Bank of Japan is set to raise interest rates to a 31-year high on Friday and signal readiness to keep pushing up borrowing costs, joining other major central banks in fighting persistent inflation pressures driven by ?soaring oil costs. The move would be the first hike in three months and take interest rates closer to levels the BOJ deems neutral to the economy, marking another step away from decades of ultra-low rates that cemented the yen's status as a cheap global funding currency. Japan also posted its largest increase in imports in nearly four years in August as higher oil prices lifted energy costs, while exports rose for a 12th ?month on resilient semiconductor-related demand, government data showed on Wednesday.Total imports by value grew 28% from a year earlier in August, the largest increase since November 2022, Ministry of Finance data showed, as elevated crude oil prices boosted energy imports despite the yen's spike after a rare joint yen-buying intervention with the United States. The pound was stuck at its lowest level in more than a month against a broadly stronger dollar on Tuesday, ?pinned down by elevated crude oil prices ahead of this week's interest-rate decisions from the Bank of England and U.S. Federal Reserve. Sterling eased 0.2% to $1.347, hovering near its lowest since August 7. The dollar firmed against most currencies on Tuesday as markets priced in a near-certain interest rate hike by the U.S. Federal Reserve later. Gold prices ticked up on Wednesday as oil prices eased, while market participants looked ahead ?to the U.S. Federal Reserve's policy decision, with a rate hike largely priced in. Spot gold was up 0.8% at $4,328.39 per ounce, as of 0310 GMT, after scaling a more than one-month low on Monday. U.S. gold futures for December delivery were down 0.9% at $4,369.50. Oil prices fell after an unexpected build in U.S. crude inventories, while investors assessed supply risks after Saudi Arabia suspended oil loading at its Yanbu port. Among other metals, spot silver rose 1.5% to $64.60 per ounce, platinum edged 0.7% higher to $1,788.25, while palladium gained 1.6% to $1,309.80.......