Mumbai: Indian rupee on Wednesday weakened against the US dollar tracking losses in its Asian peers and due to a surge in crude oil prices.

The Indian currency opened at 69.09 a dollar. At 9.12 am, it traded at 69.08, down 0.22% from its previous close of 68.94.

The yield on the 10-year government bond was at 6.477% compared with Tuesday's close of 6.463%.

Oil rose for the fourth day after a report showed a hefty drop in US crude inventories and as the resumption of direct trade talks between Washington and Beijing provided a glimmer of hope on the demand side.

In pre-trade, benchmark equity index Sensex was up 0.16% at 38,045.13 points. So far this year, the index has risen 5.44%.

The rupee has risen 1% against the greenback in the year so far. Foreign investors bought $9.86 billion in Indian equities and $2.55 billion in the debt market during the period.

Asian currencies were trading lower as the dollar remained buoyant amid optimism the US and China are making headway in resolving their trade dispute.

Indonesian rupiah was down 0.24%, Philippines peso fell 0.23%, Thai Baht declined 0.13%, Malaysian ringgit lost 0.07%, and China renminbi fell 0.04%. The South Korean won was up 0.09% and Japanese yen rose 0.05%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.732, up 0.03% from its previous close of 97.705.

(Bloomberg contributed to this story)

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