The Indian rupee dropped 14 paise and breached the crucial 85 level to close at an all-time low of 85.08 (provisional) against the US dollar on Thursday, as a hawkish stance from the US Federal Reserve sparked a broad dollar rally. The US Federal Reserve cut interest rates by 25-bps to 4.5 per cent, in line with estimates. However, it signalled only two rate cuts in 2025 from its previous expectations of four rate cuts. Sharp spike in US dollar overseas coupled with weak local equities added pressure on the local unit. The benchmark S&P/BSE Sensex ended the session down 964.15 points, or 1.20 percent, at 79,218.05 - extending losses for the fourth consecutive session amid a global selloff. The broader NSE Nifty index closed at 23,951.70, down 247.15 points, or 1.02 percent, from its previous close.

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