The rupee settled 12 paise higher at 74.76 (provisional) against the US dollar on Tuesday as heavy buying in domestic equities and weak American currency strengthened investor sentiments.

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At the interbank forex market, the domestic unit traded in a narrow range. It opened at 74.78 and ended the day at 74.76, registering a gain of 12 paise over its previous close of 74.88 against the greenback.

During the session, the local unit witnessed an intra-day high of 74.73 and a low of 74.89 against the US dollar.

Forex traders said positive trend in the equity markets, weak American currency and sustained foreign fund inflows supported the rupee, while concerns over rising COVID-19 cases weighed on investor sentiment.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.28 per cent to 92.59.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 450.62 points higher at 38,501.40, and the broader NSE Nifty advanced 133.55 points to 11,380.65.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 332.90 crore on Monday, according to exchange data.

Brent crude futures, the global oil benchmark, gained 0.31 per cent to USD 45.51 per barrel.