The Rupee opened weaker on Wednesday, as a deteriorating risk backdrop and high oil prices reinforce ?the currency's underlying negative near-term bias. Oil prices were up for the fourth straight day amid ?continued uncertainty over the Strait of Hormuz. U.S. President Donald ?Trump said on Tuesday that no talks were taking place with Iran ?and insisted the strait was open, contradicting Iran’s assertion that the critical ?waterway remained closed to shipping. The rise in crude is spurring inflation concerns and pushing U.S. Treasury yields higher. The 30-year Treasury yield has climbed to its highest level ?since 2007. For the rupee, the pressure from oil and U.S. yields comes ?at a time when it is already facing stress. The Reserve Bank of India's ?decision ?to bring forward by a month the deadline for its discounted foreign-currency swap facility for deposits raised from non-resident Indians has soured near-term sentiment for the rupee. The rupee ?is likely to remain biased lower, he added, with ?traders watching ?whether the RBI steps up intervention near the 95.80-96.00 area. The RBI has been selling dollars daily in recent sessions to support the rupee, helping ease ?pressure on ?the currency. The intervention has kept the rupee’s ?decline measured while capping volatility, allowing the currency to adjust to renewed pressure from higher ?oil prices in an orderly manner. apan's benchmark bond yield is on the brink of hitting 3% for the first time since the mid-1990s, highlighting how inflation, ?rising fiscal concerns and monetary policy expectations are reshaping a market long defined by low interest rates. he U.S. dollar drifted near multi-month lows against ?major peers on Wednesday as Treasury yields eased from recent highs, with investors awaiting ?minutes of the Federal Reserve's latest policy meeting for clues on the path of interest rates. The euro inched higher to $1.1577, remaining close to the two-month high touched earlier this week. Sterling was little changed at $1.3533, holding near a ?three-month high ahead of British inflation data due later on Wednesday, which is widely expected ?to show persistent price pressure. The Japanese yen was little changed at 159.56 per ?dollar, having given back much of its intervention gains, but it is still well off a multi-decade ?low of about 164. The dollar index , which measures the U.S. currency against six major peers, was ?down marginally at 99.65. Elsewhere, the New Zealand dollar and the Australian dollar were ?little changed, last trading at $0.5874 and $0.7083, respectively. Oil prices ticked higher in early trade on Wednesday, climbing for a fourth straight day on supply uncertainty as investors weighed conflicting messages from ?Tehran and Washington on whether the Strait of Hormuz is open ?to ships. Brent crude futures climbed 26 cents, or 0.29%, to $91.28 by 0004 GMT, while U.S. West Texas Intermediate crude futures were up 37 cents to $85.31 a barrel.......