The Indian rupee is likely to hold near its all-time lows on Thursday, amid a dollar that remains well supported by expectations that the Federal Reserve will cut rates at a measured pace next year.

The rupee declined to 85.2075 against the U.S. dollar, casting a shadow on its previous record low of 85.12 hit on Monday

The Indian rupee weakened to its all-time low for the sixth consecutive trading session on Tuesday as a rise in U.S. bond yields boosted the dollar and strong demand for the greenback from importers added to the lingering pressure on the local currency.

The Indian rupee may open near its all-time low on Tuesday and continue to trade with a mild depreciation bias, pressured by a rise in U.S. bond yields, with traders expecting the domestic central bank to intervene to keep a lid on sharp declines.