MUMBAI, Nov 21 Reuters The Indian rupee declined to its weakest level on record on Thursday due to outflows from local stocks, which were dragged by a slump in Adani group shares, while uncertainty about the Federal Reserve39;s path to lowering policy rates also weighed.

The rupee closed at its alltime low of 84.4925, down nearly 0.1 on the day.

Foreign outflows from local equities hurt the rupee on Thursday as India39;s benchmark stock indexes, the BSE Sensex and Nifty 50 fell 0.5 and 0.7, respectively, pressured by sharp declines in Adani group company shares.

Stocks of the group39;s listed firms fell after U.S. authorities indicted billionaire Gautam Adani for his alleged role in a 265 million scheme to bribe Indian officials.

The group39;s flagship company, Adani Enterprises ended the session lower by more than 20.

Foreign banks were spotted bidding for dollars aggressively, likely on behalf of custodial clients, while the RBI39;s dollarselling intervention helped offset some of the pressure on account of outflows, traders said.

The dollar index was nudged higher to 106.7 after snapping a threeday losing streak on Wednesday as investors awaited clarity on U.S. Presidentelect Donald Trump39;s proposed policies and gauged an uncertain outlook for the Fed39;s benchmark interest rates.

Odds of a December rate cut by the Fed declined to about 55 from 72 a week earlier, according to CME39;s FedWatch tool.

Asian currencies were mixed, with the Indonesian rupiah…