The Indian rupee declined past 85 to the U.S. dollar for the first time on Thursday after the Federal Reserve signalled fewer rate cuts next year, piling more pressure on a currency already struggling with tepid capital flows.

Rupee’s drop to 85 from 84 has taken place in about two months, while the decline to 84 from 83 took nearly 14 months. It took the currency 10 months to decline to 83 from 82