The rupee opened higher against the US dollar on Wednesday, as uncertainty over the US-China trade deal weighed on the greenback.

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At 09:10 AM, the rupee was trading at 68.82 a dollar, up 13 paise from its Tuesday’s close of 68.95. The home currency opened at 68.87 and touched a high and a low of 68.80 and 69.87 a dollar, respectively.

In the currency market, the dollar struggled to edge higher as fading optimism over any near-term Sino-US trade deal revived safe-haven demand.

The dollar index against a basket of six major currencies stood at 96.742 after pulling back from 96.875 scaled on Tuesday, its highest since June 20.

At the G20 summit in Japan last weekend, Washington and Beijing agreed to restart trade talks after US President Donald Trump offered concessions.

But investors were wary about the chances of a resolution after Trump’s comments that any deal would have to be tilted in US’ favor.

In commodity markets, oil prices edged higher, helped by extended output cuts by OPEC and its allies.

Brent crude futures for September delivery were trading up 36 cents, or 0.6 percent, at $62.76 a barrel by 0244 GMT.

The Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020, reported Reuters.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 512 crore on Tuesday, as per provisional data.

In debt markets, the yields on the 10-year government bonds were down 0.55 percent to 6.84 percent from its previous close of 6.88 percent. Bond yields and prices move in opposite directions.

First Published:Jul 3, 2019 9:11 AM IST