Rupee settles almost flat at 74.02 against US dollar

The rupee pared initial gains to settle marginally up by 1 paisa at 74.02 against the US dollar on Tuesday amid a lacklustre trend in domestic equities.

At the interbank forex market, the domestic unit opened strong at 73.92 but erased early gains to finally close at 74.02, up 1 paisa from its previous closing.

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During the session, the domestic unit witnessed an intra-day high of 73.85 and a low of 74.09 against the US dollar.

On Monday, the rupee had settled at 74.03 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.13 per cent to 93.93.

On the domestic equity market front, the BSE Sensex declined 112.16 points or 0.19 per cent to end at 60,433.45, while the broader NSE Nifty fell 24.30 points or 0.13 per cent to 18,044.25.

Brent crude futures, the global oil benchmark, rose 0.90 per cent to USD 84.18 per barrel.

Foreign institutional investors were net sellers in the capital market on Monday, as they offloaded shares worth Rs 860.65 crore, as per exchange data.