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BENGALURU: Indian shares ended lower on Thursday, while the rupee closed at a record low, after the US Federal Reserve raised interest rates and indicated it would raise rate more often than markets had expected.

The NSE Nifty 50 index fell 0.5% at 17,629.80, while the S&P BSE Sensex dropped 0.57% to 59,119.72. The Indian rupee closed at a record low of 80.86 against the US dollar.

The Fed increased rates by 75 basis points on Wednesday to bring down inflation from four-decade highs and Chairman Jerome Powell said the Fed “will keep at it until the job is done.” The Indian government, however, is in no hurry to push inflation – hovering near eight-year highs of 7% – back to the central bank’s 4% medium-term target, for fear that aggressive rate hikes could hurt economic growth. The Reserve Bank of India is due to meet next week to decide on monetary policy.

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