Federal Reserve Chair Jerome Powell discussed the central bank’s decision to hold the benchmark federal-funds rate at its current range around 4.3% after three consecutive rate cuts beginning in September,

The Indian rupee is likely to stay on the defensive on Thursday, after the U.S. Federal Reserve expectedly kept interest rates unchanged and Chair Jerome Powell said there would be no rush to cut them again.

Jerome H. Powell, the Fed chair, characterized policy settings as still “meaningfully restrictive,” suggesting that interest rates at their current levels were continuing to weigh on the economy and help stamp out remaining price pressures.