The Indian rupee closed slightly weaker on Thursday, pressured by broad-based strength in the dollar on a hawkish reassessment of policy easing by the Federal Reserve, while modest portfolio inflows helped limit the currency’s decline.

The rupee closed at 88.7050 against the US dollar, down about 0.1% on the day.

The dollar index held above the 100-handle, while Asian currencies were down between 0.1% and 0.3% as traders scaled back wagers on a US rate cut next month.

Minutes from the Fed’s October policy meeting showed that many policymakers were opposed to a December rate cut, prompting a pullback in money market odds of a reduction to under 30% from 50% a week earlier.

Even though the hawkish turn weighed on regional currencies, global equities found comfort in Nvidia’s market-toppi

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