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Forex traders say selling pressure in the greenback and retreating crude oil prices also gave the Indian currency a boost
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The South Asian currency recently hit a low of 83.16 against the US dollar, from which it recovered primarily on the Reserve Bank of India's repeated intervention
The dollar index, meanwhile, rose to 102.98, while Asian currencies declined up to 0.8 per cent on the back of higher US yields
The Korean won and Indonesian rupiah were leading losses in Asian currencies, while the Chinese yuan dropped to a one-month low
The dollar index rose in Asia, and has now recovered a large part of its losses suffered post the US jobs data
US equity futures and Asian shares dropped on Wednesday after Fitch downgraded the US long-term foreign currency ratings, reflecting likely fiscal deterioration over the next three years
Political turmoil in the country after the removal of the former government has exacerbated the economic condition in the country with inflation hitting record highs
Softer inflation readings have prompted investors to bet that more rate hikes will not be required despite the last Fed dot plot indicating one more rate hike beyond July
Offshore was indicating a quiet open, but dollar-rupee short positions will be counting on a favourable momentum
Offshore was indicating a quiet open, but dollar-rupee short positions will be counting on a favourable momentum