Indian Rupee tanked today amid a sharp upturn in the US dollar index. Selling pressure in local equities also weighed on sentiments and dragged INR towards record low against the US currency. INR currently fell around 50 paise to 88.70 per US dollar. The US dollar index soared yesterday, breaking above 99 mark and hit its two-week high after the US Fed chair Jerome Powell indicated that it is not a certainty that Fed will deliver another rate cut in next meeting December. Meanwhile, the key equity benchmarks ended with major losses today, tracking weak global cues after the US Federal Reserve cut rates as expected but signaled it may be the last reduction for 2025. Investors also remained cautious ahead of updates on US'China trade talks. The Nifty settled below the 25,900 level.

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