The rupee fell 30 paise to settle at 74.58 against the US dollar on Tuesday, snapping a three-session winning streak, owing to higher crude oil prices and a strong greenback overseas. Growing fears about the Omicron strain of the coronavirus and its impact on economic recovery, according to forex traders, weighed on the local currency.

The local currency opened at 74.49 against the US dollar on the interbank foreign exchange market, with an intraday high of 74.46 and a low of 74.61.The local currency ended the day at 74.58, down 30 paise from its previous closing of 74.28.

The dollar index, which measures the strength of the US dollar against a basket of six currencies, was 0.02 percent higher at 96.23. Meanwhile, the global oil benchmark, Brent crude futures, rose 0.39 percent to USD 79.29 a barrel.

The BSE Sensex rose 672.71 points, or 1.14 percent, to 59,855.93, while the wider NSE Nifty rose 179.55 points, or 1.02 percent, to 17,805.25. According to exchange data, foreign institutional investors remained net purchasers in the capital market on Monday, purchasing shares worth Rs 902.64 crore.

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