The Indian rupee was little changed against the U.S. dollar on Thursday, caught between equity outflows and a recovery in broader Asian currencies and stocks.

The rupee was at 83.5200 to the dollar at 11:18 a.m. IST compared with its previous close of 83.5350.

The local currency had opened at 83.50, but struggled after that on dollar buying interest from foreign banks.

"This (dollar bids) are likely for their custodial clients on the equity side," a forex trader at a bank said. Overseas investors took out $950 million from Indian equities on Friday and nearly $400 million on Monday, according to National Securities Depository Ltd data.

"You have this on one side and then there are persistent offers near to 83.54, which raises the possibility of RBI."

The Reserve Bank of India had likely intervened on Tuesday when the rupee was near its current levels.

Other Asian currencies rose, helped by a pullback in the dollar index. Asian equities rose alongside U.S. equity futures.

The Korean won was the best performer in Asia. Finance leaders from the United States, Japan and South Korea agreed to "consult" on foreign exchange markets in their first trilateral meeting on Wednesday, nodding to concern by Tokyo and Seoul over their recent decline in their currencies.

The U.S. interest rate outlook is, however, likely to make this a temporary reprieve for Asia. U.S. interest rates may remain higher for longer if inflation persists, Federal Reserve policymakers have indicated.

The 10-year U.S. yield hit its highest level since November earlier this week.

Taking stock of the 10-year U.S. yield, very few economies will be "able to resist the pull of higher rates", DBS Bank said in a note. (Reporting by Nimesh Vora; Editing by Varun H K)