MUMBAI - The Indian rupee was little changed on Thursday, unable to cash in on the U.S. dollar's broad losses on expectations that a peak in the Federal Reserve's policy rate has been reached.

The rupee was at 81.9975 to the U.S. dollar by 11:00 a.m. IST, barely changed from 81.9950 on Wednesday. Other Asian currencies were up between 0.2% and 0.5% and the dollar index was down at 100.86.

"It is quite evident that, like yesterday, there is dollar demand by real users," an FX salesperson at a bank said.

"There was talk of a defence payment outflow yesterday and there is the usual month-end dollar outflows. The RBI (Reserve Bank of India) has again made importers more active, I think."

The RBI on Tuesday likely intervened to prevent the rupee's appreciation beyond the 81.70 level, according to traders.

The dollar struggled amid analysts' views that the Fed is not likely to hike rates anymore. The U.S. central bank on Wednesday raised rates by 25 basis points, along expected lines.

The Fed in the accompanying statement and Chair Jerome Powell left the door open for more rate hikes, but economists do not think that will be needed.

"Our analysis concludes that current policy rates are at levels that will restrain final private demand, jobs growth and return inflation to target," ANZ said in a note.

"The Fed funds ceiling is now in line with our peak forecast of 5.50%."

Economists at Morgan Stanley reckon that the Fed will now "be on hold for an extended period" and will cut rates in March next year.

(Reporting by Nimesh Vora; editing by Eileen Soreng)