The Indian rupee lost most of its early gains against the US dollar on Thursday, settling 4 paise provisionally higher at 74.24 against the US Dollar, as crude oil prices fell and the greenback fell in the overseas market. However, forex dealers say that a big sell-off in the domestic share market limited the rupee's gains.

The local currency opened strong at 74.10 against the greenback on the interbank forex market, with an intra-day high of 74.01 and a low of 74.26 during the day's activity. It finally settled at 74.24 per dollar, down from 74.28 the day before. Conversely, the global oil benchmark, Brent crude futures, lost 0.24 percent to $80.09 a barrel.

In the meantime, the dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.08 percent at 95.75. According to exchange data, foreign institutional investors were net sellers in the capital market on Wednesday, offloading shares worth Rs.344.35 crore.

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