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Rupee falls below 75 to dollar on massive equity sell off; RBI intervenes

The rupee crossed 75 a dollar on Monday as local equities markets witnessed a huge sell-off. The local currency closed at 75.06 a dollar, from its previous close of 74.73 a dollar. In intraday trade, the rupee fell to 75.145 a dollar. Sensex, the benchmark equity index of the BSE, fell 1707.94 points, or 3.44 per cent, to close at 47,883.38 points. The rupee was again the worst performer in the region, shedding 0.42 per cent to the dollar. But most other Asian currencies lost too. The RBI reportedly intervened in both the over-the-counter and exchange market to stem a rapid fall, say currency dealers. The dollar remained largely flat against other major currencies.

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