The Indian rupee settled 3 paise higher at 74.81 (provisional) against the American dollar on Friday tracking weakness in the greenback. At the interbank forex market, the rupee opened at 74.74, and witnessed an intra-day high of 74.68 during the session and a low of 74.90 against the US dollar.

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The domestic unit finally settled for the day at 74.81, 3 paise higher over its previous close of 74.84.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.22 per cent to 92.81.

Traders said the uptick in the domestic currency was he driven by weak US dollar, which extended losses following poor economic data.

The US economy plunged by a record-shattering 32.9 per cent annual rate last quarter.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 29.92 points lower at 37,706.15 and broader NSE Nifty fell 7.05 points to 11,095.10.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 207.30 crore on Thursday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.72 per cent to USD 43.25 per barrel.