Rupee tanks below 75 per US dollar for first time in history

As the Indian rupee tumbled against the US Dollar on Thursday amid foreign fund outflow, the domestic currency crashed below the 75-mark for the first time in history.

The rupee opened at an all-time low of 74.95 in the morning, down over 70 paise.

In the next two hours, at the interbank forex market rupee traded in the range of 74.80-74.95 against the greenback.

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However, as the foreign fund selloff picked up at noon, rupee tanked by 83 paise, slipping below the historic 75-mark for the first time in history.

At the time of filing this copy, the domestic currency was trading at 75.09 against the US Dollar.

According to Forex trader, the rupee is witnessing intense pressure from the selloff in the equities as foreign funds are taking a flight to safety amid fears of recession triggered by coronavirus pandemic.

In a DH poll earlier this month, some economists had predicted rupee to crash below the 75-mark before end of March.