Indian rupee gained marginally against the greenback on Tuesday, a day after the local unit posted its biggest single-day loss in more than three months, helped by a sell-off in the dollar.

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At 09:10 AM, the rupee was trading at 70.43 a dollar, up 2 paise from its Monday’s close of 70.45. The home currency opened at 70.51 and touched a high and a low of 70.40 and 70.51 a dollar, respectively.

The rupee on Monday dropped by 88 paise to close at 70.46 against the US currency as oil prices rebounded and the US currency gained strength.

Oil prices rose again on Tuesday, extending strong gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output. But the US dollar lost ground after the United States and China called a truce on fresh trade tariffs for 90 days.

International Brent crude oil futures were up 40 cents, or 0.7 percent, at $62.09 per barrel.

India imports nearly 80 percent of its total oil needs and a rise in price would drive up the value of its imports.

Falling crude oil prices have supported the rupee, until recently the worst-performing monetary unit in Asia. This month, the local unit has gained 2.79 percent against the dollar, making the rupee the third best performer after the Chilean peso and the Indonesian rupiah.

In debt markets, the yields on the 10-year government bonds fell 0.3 percent to 7.60 percent after closing at 7.63 percent on Monday. Bond yields and prices move in opposite directions.

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