The Rupee opened rangebound confined to a narrow range on Wednesday, with the central bank's absorption of sizeable dollar outflows in the previous session reinforcing its defence of the 91 level. The currency held a narrow 5 paisa range on Tuesday despite weakness in Asian peers, a plunge in domestic equities and sizeable dollar outflows, underscoring the scale of the RBI's supply at the 91-per-dollar level. Asian currencies and shares rose, recovering from Tuesday's losses. Investors are weighing the U.S. Supreme Court's decision blocking President Donald Trump's tariffs imposed using emergency powers, while eyeing his speech for signals on trade policy. Uncertainty surrounding Trump's trade policies remains a key variable for the outlook on Asian currencies. With the U.S. Supreme Court ruling against the use of the emergency powers for reciprocal tariffs, attention has shifted toward Section 232 (national security) and Section 301 (unfair trade practices) for sustaining tariff pressure, MUFG Bank said in a note. A wobbly yen was pinned near a two-week low on Wednesday after a report that Prime Minister Sanae Takaichi had told the central bank chief she had reservations about future rate hikes, while a steadily rising Chinese yuan kept pressure on the dollar. Traders had an eye on President Donald Trump's State of the Union address in the Asia morning. The Australian dollar rose 0.3% to $0.7074 after a pickup in inflation raised the risk of rate hikes - the sharpest gainer in an otherwise steady start to the session. The euro hovered at $1.1776 and sterling sat at $1.35. The yen dropped 0.8% overnight to as weak as 156.28 to the dollar and was a fraction stronger than that at 155.88. The yen has been sliding for years thanks to Japan's low interest rates and has been under pressure since Takaichi came to power in October on concerns that she would further strain a stretched national budget. Elsewhere the New Zealand dollar inched higher to $0.5971, while China's yuan stood tall, having notched its sharpest one-day rise in nine months of 0.35% on Tuesday. The U.S. Supreme Court's striking down of many of President Donald Trump's heaviest tariffs would likely lead to a lower overall rate on Chinese goods, analysts said, paving the way for further yuan appreciation. The yuan, which has gained nearly 7% in ten months, hit 6.8766 to the dollar on Tuesday - its highest in almost three years, and held at 6.8778 in offshore trade . Oil prices were hovering near seven-month highs on Wednesday as the threat of military conflict between the U.S. and Iran that could disrupt supply continued to worry investors as talks between the parties are set for Thursday. Brent futures were up 43 cents, or 0.6%, at $71.20 per barrel at 0400 GMT. WTI futures rose 38 cents, or 0.6%, to $66.01.......