The Rupee opened strong on Wednesday but is expected to come under pressure later in the ?session with volatile crude prices and lingering Federal Reserve rate concerns tempering the positive ?momentum. The currency has drawn support over the last three sessions from ?likely intervention by the Reserve Bank of India, which traders expect will continue to underpin the currency. However, volatile oil prices and the possibility of a hawkish signal from ?the Fed could challenge the recovery. The RBI ?right now is a major anchor for the rupee, a currency trader at ?a bank said. He expects the RBI's presence to remain a key tailwind, particularly after its recent practice of stepping in ahead of, or around, the market open. The rupee ?will have to contend with the continued choppy prices action in oil. ?Brent crude, having dropped 4.8% to near $82.50 per barrel, is back on the way up, ?trading ?near $87.50. Oil prices have whipsawed on the U.S.-Israeli war on Iran with investors watching developments in the Middle East. The dollar index held ?near a one-month ?high on Wednesday amid renewed hostilities in the Middle East, while traders awaited a key Federal Reserve interest rate ?decision later in the day. Markets largely expect the Fed to ?hold ?rates unchanged, though a 30% chance of a 25-basis-point hike remains priced in. The U.S. dollar held near a one-month high on Wednesday as hostilities flared anew in the Middle East, while traders awaited a key ?Federal Reserve interest rate decision later in the day. The Australian dollar slid ?after inflation data came in below expectations, reducing the chance of further rate hikes from the Reserve Bank of Australia. It was 0.37% lower at $0.69475. The euro was nursing losses after falling to a one-month low in the previous session, inching up 0.03% to $1.1389. Sterling eased 0.03% to $1.3287, languishing near its weakest level since July 1. The New Zealand dollar declined 0.08% ?to $0.5783. The dollar was firm at 101.38 ?against its peers and stood ?near a 40-year peak ?against the yen at 163.74 . Oil prices rose more than $3 a barrel on Wednesday after joint ?strikes in Iraq by the United States and Saudi Arabia, and ?the interception of Iran's ballistic missiles aimed at U.S. forces in the Middle East, while U.S. crude inventories shrank. Brent futures increased by $3.30, or 3.9%, to $87.39 a barrel by 0300 ?GMT, while U.S. West Texas Intermediate (WTI) crude rose $3.05, or 3.8%, to $82.31 ?a barrel.The persistent weakness in the yen has left traders on alert for any potential intervention from Japanese ?authorities to shore up the ailing currency.......