By laksh5382 
The Indian rupee weakened to an all-time low on Thursday as investors dampened expectations of an aggressive rate cut by the US Federal Reserve as investors weighed down potential foreign outflows from local equities and a new strength in the dollar.
The rupee fell to as low as 84.4275 in early trade, higher than its previous all-time low of 84.42. At 10:30 am IST, it was quoted at 84.4175, almost flat on the day.
possible interference by reserve Bank of India Traders cited strong dollar offers from state-owned banks to help the currency limit its losses.
Benchmark Indian equity indices, BSE Sensex and Nifty 50 fell about 0.7% each.
indian equity After this, there was a sharp decline in the shares of listed entities of Adani Group. Billionaire chairman convicted On charges of involvement in an alleged billion-dollar bribery and fraud scheme in New York.
Shares of the group’s listed entities fell with the key firm 20% decline in Adani Enterprises And Adani Green fell 18%.
Meanwhile, recovery in the dollar on Wednesday after three days of decline also kept the rupee on the defensive.
The dollar index was at 106.5 after rising 0.4% on Wednesday, while the rupee’s Asian counterparts were mostly range-bound.
Cautious comments from Fed officials dealt a blow to hopes of an aggressive rate cut.
Fed Governor Michelle Bowman on Wednesday expressed discomfort with the central bank cutting interest rates while inflation continues to run above its target.
According to CME’s FedWatch tool, the likelihood of the Fed cutting rates in December has dropped to 52% from 82% a week ago.
Increased geopolitical risks due to the Ukraine-Russia conflict also supported the greenback.
“Markets need to monitor the dangerous escalation in the Ukraine-Russia war, now driven by increased military engagements on both sides, strategic policy shifts and increased international involvement,” DBS Bank said in a note. (Reporting by Jaspreet Kalra; Editing by Eileen Soreng)