Indian rupee opened higher on Tuesday against the US dollar amid global weakness in the greenback and optimism over US and China trade deal, dealers said.

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Rupee opened at Rs 71.26 per dollar against the previous close of Rs 71.31.

On Monday, rupee appreciated by 4 paise to settle at 71.31 against the US currency amid weakening of the US dollar in overseas markets even as crude oil prices surged.

Oil prices edged lower on the final day of the year on Tuesday, but were on track for their biggest annual rise since 2016, supported by a thaw in U.S.-China trade dispute and ongoing supply cuts.

Brent crude futures for March delivery, the new front month contract, were down 11 cents, or 0.2 percent, to $66.56 a barrel by 0158 GMT, while U.S. West Texas Intermediate (WTI) crude for February was down 11 cents, or 0.2 percent, at $61.57 per barrel. Brent for February delivery closed on Monday at $68.44.

Asian shares slipped on the last trading day of the decade, echoing falls on Wall Street, as investors locked in gains made since the United States and China reached a preliminary trade deal earlier this month.

First Published:Dec 31, 2019 9:02 AM IST