Rupee gains strength against US dollar, climbs 9 paise to hit 82.16

With the spotlight on the next rate hikes by the US Federal Reserve, the US dollar has been gaining traction, but India's currency has stood its ground. The Indian Rupee has climbed 9 paise against the global currency, to hit 82.16 against the US dollar, as crude prices dropped.

• Indian equities opening in green territory also helped the Rupee gain strength, after it ended Wednesday at 82.25 against the dollar.

• The rise of the domestic currency was also driven by foreign investors turning net buyers while selling stocks worth 13.17 crore on Wednesday.

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Rupee falls 7 paise to 82.11 against US dollar

Performing better than Asian peers

• The Rupee had dropped for three straight sessions till Wednesday, as high US bond yields and hedging dollar demand weighed it down.

• In comparison, Asian currencies including the yuan in China and the won in South Korea weakened against the US dollar on Thursday as well.

• US inflation data has triggered the uptick in market yields, apart from increasing the probability of another 25 basis points interest rate hike by the US Fed early in May.