The rupee opened higher against the US dollar on Thursday, after falling for past five sessions, aided by a weaker dollar.

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At 09:10 AM, the rupee was trading at 70.73 a dollar, up 16 paise from its Wednesday’s close of 70.89. The home currency opened at 70.84 and touched a high and a low of 70.71 and 70.84 a dollar, respectively.

In the currency market, the US dollar index backtracked to 97.539, from a recent peak of 98.932.

Investors have increasingly come to fear the trade war will prove protracted enough to shove the world into recession, and have piled into bonds and gold as a hedge.

Markets are now awaiting data on Chinese trade for July to gauge how badly the tit-for-tat tariffs are hurting exports.

In commodity markets, oil prices regained some ground as talk that Saudi Arabia was mulling options to halt crude’s descent helped offset a build in stockpiles and fears of slowing demand.

Brent crude futures climbed $1.59 to $57.82, though that followed steep losses.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 2,107.93 crore on Tuesday, as per provisional data.

In debt markets, the yields on the 10-year government bonds were down 0.06 percent to 6.37 percent from its previous close of 6.37 percent. Bond yields and prices move in opposite directions.