The rupee pared initial losses to settle 9 paise higher at 74.28 against the US dollar on Wednesday on lower crude oil prices.
A strong dollar in overseas markets and losses in equity markets capped gains in the local currency.At the interbank forex market, the local unit opened on a weak note at 74.51 against the greenback. The unit rebounded fromthe lows later to settle at 74.28, higher by 9 paise over its previous close of 74.37.