MUMBAI: The Indian rupee hit its all-time low on Wednesday, pressured by strong dollar demand from importers and likely outflows from local equities, while intervention by the Reserve Bank of India curbed losses, traders said.

The rupee fell to 84.9550 against the US dollar before closing at 84.9525, down 0.07%.

Weakness in regional currencies ahead of the Federal Reserve’s policy decision due in US trading hours also hurt the rupee alongside speculative dollar bids amid a lingering bearish bias on the local unit. Benchmark Indian equity indexes BSE Sensex and Nifty 50 ended lower by about 0.6% each.

Worries over India’s growth outlook have kept the rupee under pressure, alongside a well-supported dollar following Donald Trump’s election victory.