The Indian rupee pared initial losses and settled for the day higher by 24 paise at 95.46 (provisional) against the US dollar on Tuesday, driven by positive domestic markets, a weaker greenback, and a fall in crude oil prices. Local shares reversed an early slide to end modestly higher on Tuesday as U.S. Treasury yields eased from recent highs following reports that the Treasury could use its near $1 trillion General Account to help fund its recently announced bond buyback program. The BSE Sensex closed higher by 286.98 points (0.37%) at 77,656.09, and the NSE Nifty 50 ended up 115.50 points (0.48%) at 24,334.55. Overall weakness in the US dollar on declining odds of a rate hike may support the rupee at lower levels.
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