The Rupee closed flat on Tuesday, hemmed in by persistent dollar demand from local corporates and the non-deliverable forwards market, which outweighed positive cues from gains in most regional currencies. Traders pointed to dollar bids from local oil companies, among other importers, alongside lingering downward pressure on the currency from the NDF market, which at least partially reflects speculative pressure on the unit. While the interventions managed to pull the rupee up by about 2% from its all-time low, they failed to faze dollar-rupee forward premiums, which have relentlessly climbed to multi-year peaks across near and far tenors. Outsized moves in the forward market intensified last week as the dollar glut collided with regulatory and balance-sheet constraints, leading to a spike in premiums. Bankers have urged the central bank to intervene to limit the pressure. On Tuesday, the 1-month dollar-rupee forward premium soared to nearly 48 paisa, the highest since 2019, while the 1-year implied yield touched a peak of 3.29% before retreating. Receiving interest from state-run banks helped cool off far forward premiums, two traders said. Elsewhere, the dollar index was down 0.2% at 97.9, the lowest in over two months, while Asian currencies were mostly higher between 0.1% and 0.4%. The U.S. dollar curbed its losses against the yen and euro on Tuesday, after data showed the world's largest economy posted higher-than-expected growth in the third quarter, reinforcing expectations the Federal Reserve will pause cutting rates at its January meeting. Data showed that U.S. gross domestic product rose at a 4.3% annualized rate in the last quarter, the first estimate from the Commerce Department's Bureau of Economic Analysis showed. Economists polled by Reuters had forecast GDP would rise at a 3.3% pace in the third quarter. The yen strengthened amid broad U.S. dollar weakness on Tuesday after the severest warning yet from authorities signalling Tokyo's readiness to intervene while traders awaited U.S. GDP data. The yen rose 0.6% to 156.1 per U.S. dollar, extending its gains from the previous session and retracing most of the losses sustained since Friday after the BOJ delivered a rate hike. The yen also appreciated 0.5% against the euro, the Australian dollar and sterling on Tuesday, but hung around recent lows. The dollar also remained under pressure, with the euro 0.3% firmer at $1.179 and sterling rising 0.3% to a 12 week high of $1.35. The dollar index , which measures the U.S. currency against six rivals, slid 0.3% to 97.94 on Tuesday, extending losses into a second day after dropping 0.5% on Monday. The index is at its lowest level since early October and on course for a 1.6% decline for the month and a 9.8% drop for the year, its steepest annual fall since 2017. Oil prices were little changed on Tuesday as potential sales of Venezuelan crude seized by the United States were countered by heightened supply disruption fears after Ukrainian attacks on Russian vessels and piers. Brent crude futures rose 6 cents to $62.13 a barrel by 1221 GMT. U.S. West Texas Intermediate (WTI) crude was up 2 cents at $58.03.......