Market Watch: The Indian rupee pared initial gains to settle marginally higher by 1 paisa at 74.02 against the US dollar on Tuesday. The domestic currency opened strong at 73.92 on the interbank forex market, but quickly lost ground, eventually closing at 74.02, up 1 paisa from its previous close. The rupee was trading at 74.03 against the dollar on Monday.

Against the US dollar, the domestic currency reached an intraday high of 73.85 and a low of 74.09 on Tuesday. The dollar index, which measures the strength of the greenback against a basket of six currencies, dropped 0.13 percent to 93.93. Meanwhile, In the Indian equity market, the BSE Sensex fell 112.16 points, or 0.19 percent, to 60,433.45, while the broader NSE Nifty dropped 24.30 points, or 0.13 percent, to 18,044.25.

The global oil benchmark, Brent crude futures, rose 0.90 percent to USD 84.18 per barrel. According to exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs 860.65 crore.

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