Market closes lower due to losses in consumer stocks amid weak earnings
The stock market closed lower on Wednesday due to losses in consumer stocks amid weak earnings.
The Rupee weakened 11 paise to 65.14 against the US Dollar in early trade on Wednesday at the Interbank Foreign Exchange on increased demand for the American currency from importers and banks.
Forex dealers said that increased demand for the US currency from importers and the Dollar's gains against some currencies overseas put pressure on the Rupee.
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However, a higher opening in the domestic equity market capped the Rupee's losses, they said.
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On Monday, the Rupee had lost 18 paise to close at 65.03 against the US Dollar.
Forex market remained shut on Tuesday on account of 'Ramnavami'.
Meanwhile, the benchmark BSE Sensex breached the key 30,000-mark by surging 97.26 points, or 0.32 per cent, to 30,007.48 in the opening trade on Wednesday.
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