MUMBAI, Aug 18 (Reuters) -

The Indian rupee on Friday recovered slightly from its record closing low in the previous session, helped by a reversal in U.S. Treasury yields which also offered support to other Asian currencies.

The rupee was at 83.0850 against the U.S. dollar by 11:10 a.m. IST, compared to its closing level of 83.1475 on Thursday. Asian currencies also advanced, while the dollar index retreated from two-month highs.

The rupee has been under consistent pressure in recent sessions and it has required likely dollar sales by the Reserve Bank of India to keep losses in check.

There was dollar buying from oil companies on Friday, a foreign exchange trader at a private bank said.

"We expect RBI to intervene if rupee moves near to the all-time low."

The rupee's decline to below 83 has spurred more hedging from both importers and exporters.

"Importers and exporters who were on the sidelines have come back to the market post-83. Panic buying from importers is only likely to come in after 83.50," said Abhishek Goenka, founder and CEO at treasury management firm IFA Global.

The 10-year US Treasury yield was at 4.25%, after hitting a 10-month peak of 4.32% on Thursday. Still, U.S. yields are likely to stay elevated with recently released economic data showing that the economy continues to be resilient.

This would mean that rupee and other Asian currencies are likely to remain out of favour with investors, according to analysts. The continued depreciation in the Chinese yuan is also likely to keep weighing on the rupee.

RBI is likely to continue defending the rupee to keep it from record lows, but if the pressure on rupee persists despite that, it could be headed to 83.50-75 levels, said Alok Sharma, assistant vice president, treasury at ICBC. (Reporting by Jaspreet Kalra; Editing by Varun H K)