We present the experimental realization and characterization of a Ramsey interferometer based on optically trapped ultracold potassium atoms, where one state is continuously coupled by an off-resonant laser field to a highly-excited Rydberg state. We show that the observed interference signals can be used to precisely measure the Rydberg atom-light coupling strength as well as the population and coherence decay rates of the Rydberg-dressed states with sub-kilohertz accuracy and for Rydberg state fractions as small as one part in 10 6 . We also demonstrate an application for measuring small, static electric fields with high sensitivity. This provides the means to combine the outstanding coherence properties of Ramsey interferometers based on atomic ground states with a controllable coupling to strongly interacting states, thus expanding the number of systems suitable for metrological applications and many-body physics studies.Ramsey interferometers involving trapped ensembles of neutral atoms or single ions have enabled the most precise measurements ever made. Besides their importance for defining time and frequency standards [1,2], they also hold great promise for searches for physics beyond the standard model [3][4][5][6][7], exploring the physics of complex quantum systems [8], and for realizing sensors capable of operating close to the Heisenberg limit [9][10][11]. By design however, the most precise Ramsey interferometers typically involve the coherent evolution of atoms that interact very weakly, either with one another or with external fields, seemingly precluding many possible applications.Here we demonstrate a Ramsey interferometer involving two magnetically insensitive hyperfine clock states, where one state is continuously coupled to a Rydberg state by an off-resonant laser field. This Rydberg-dressing approach provides the means to combine the outstanding coherence properties of atomic ground states with greatly enhanced sensitivity to external fields or controllable interparticle interactions mediated by the Rydberg state admixture. We show that strong Rydberg atom-light coupling can be reached with Ramsey coherence times that are orders of magnitude longer than the bare Rydberg state lifetime. We precisely measure the Rydberg-atom light coupling strength and independently determine the effective population decay and dephasing rates for the dressed-states, thereby identifying the dominant decoherence effects. Finally we demonstrate the suitability of the Rydberg-dressed Ramsey interferometer for metrological applications by precisely measuring a small applied electric field.The starting point for our experiments is an ultracold gas of 39 K atoms prepared in a crossed-beam optical dipole trap (shown in Fig. 1a) following Refs. [12,13]. To realize the Ramsey interferometer we use the magnetically insensitive hyperfine ground states |0 = |4S 1/2 , F = 1, m F = 0 and |1 = |4S 1/2 , F = 2, m F = 0 . The sample is spinpolarized in the initial |0 state using a sequence of optical pumping pulses and radio-fre...