The Indian rupee is expected to stay under pressure in opening trades on Friday, as dollar index firmed up overnight and is staying perched above 108 mark. The greenback is hovering around a two-year high following signals from the Federal Reserve (Fed) about fewer interest rate cuts in the future. Federal Open Market Committee (FOMC) members express concerns about inflation continuing into 2025 and take into account possible Trump-effect inflationary policies, such as tariffs and reduced labor supply due to deportations. Yesterday, rupee dropped 14 paise and breached the crucial 85 level for the first time ever to close at an all-time low of 85.08 against the US dollar. Meanwhile, the benchmark S&P/BSE Sensex ended the session down 964.15 points, or 1.20 percent, at 79,218.05 - extending losses for the fourth consecutive session amid a global selloff. The broader NSE Nifty index closed at 23,951.70, down 247.15 points, or 1.02 percent, from its previous close.

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