The rupee fell past the 75 mark in trade, doing so for the first time ever. The currency was seen trading at 75.04 to the dollar, a drop of 83 paise over Wednesday's close.
The weakness was largely on account of a strong dollar against a basket of currencies and a sharp plunge in global stocks.
Most markets were also extremely weak, with the Sensex down more than 500 points. It is likely that some intervention from the country's central bank is highly possible, so as to enable a recovery in the rupee.
However, the RBI might prefer to intervene to ensure less volatility, rather than intervene to target a particular level on the currency.