The rupee plunged 20 paise and settled below the 75 per US dollar mark on Thursday as strengthening American currency and losses in domestic equities weighed on investor sentiment.
Forex traders said strong dollar, weak domestic equities and US Federal Reserve meeting minutes weighed on investor sentiment.
At the interbank forex market, the local unit settled for the day at 75.02 against the US dollar, down 20 paise over its previous close of 74.82.
During the session, the domestic unit witnessed an intra-day high of 74.93 and a low of 75.05 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.31 per cent to 93.17.
“The US dollar has strengthened overnight after the release of US Federal Open Market Committee (FOMC) minutes that were less dovish than expected,” said Abhishek Goenka, Founder and CEO, IFA Global.
As per the FOMC minutes, the committee members have expressed concern over the continuing impact of Covid-19 on economic growth.