The rupee opened lower against the US dollar on Wednesday, weighed down by selling in domestic equities and rising crude oil prices.

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At 09:08 AM, the rupee was trading at 68.89 a dollar, down 3 paise from its Tuesday’s close of 68.85. The home currency opened at 68.90 and touched a high and a low of 68.88 and 68.93 a dollar, respectively.

Domestic stocks have witnessed a selloff in the last few sessions, hurt by foreign fund outflows.

In the currency market, the dollar held steady, largely in a wait-and-see mode as traders looked ahead to the outcome of the Federal Reserve’s meeting later in the day.

The dollar index against a basket of six major currencies stood little changed at 98.036 after pulling back from a two-month high of 98.206 touched on Tuesday.

The US Federal Reserve meeting outcome is expected on July 31, where the central bank is likely to lower its interest rate target range of 2.25 percent-2.50 percent by 25 basis points.

In commodity markets, oil prices held firm near two-week highs after 2 percent gains on Tuesday.

US West Texas Intermediate (WTI) crude gained 0.41 percent to $58.29 per barrel in early Asian trade.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 704.42 crore on Tuesday, provisional data showed.

In debt markets, the yields on the 10-year government bonds were down 0.34 percent to 6.39 percent from its previous close of 6.41 percent. Bond yields and prices move in opposite directions.