The rupee ended at a record closing low of 85.0700 a dollar as the dollar index surged after the US Federal Open Market Committee indicated a slower pace of rate cuts in 2025, after slashing rates by 25 basis points early Thursday as expected, dealers said. They said the Reserve Bank of India, as has been the case in recent past, intervened in the foreign exchange market by selling dollars, which prevented a further fall in the domestic currency.
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