Equity benchmarks fell on Thursday, in line with Asian peers, while the rupee hit a record low after the US Federal Reserve raised interest rates and indicated more hikes than markets had expected.

The NSE Nifty 50 index fell 0.53 per cent at 17,624, while the S&P BSE Sensex slipped 0.51 per cent to 59,150 in early trade.

The Indian rupee hit a record low of 80.45 against the US dollar.

The Fed increased rates by 75 basis points on Wednesday—the third such rise in a row—and signalled that it would continue to raise borrowing costs to fight inflation.

The RBI is due to meet next week to decide on its own path for monetary policy.

Shares of budget carrier SpiceJet Ltd fell four per cent after the air safety watchdog on Wednesday said it was extending a restriction on flight departures until October 29.