For the first time ever after the Reserve Bank kept its key policy rate unchanged, the Indian rupee crashed below the 74-level against the US dollar on Friday.

The domestic currency was quoted 55 paise lower at 74.13 against the dollar soon after the RBI announced its monetary policy.

Investors remained concerned over sustained foreign capital outflows and fears of widening current account deficit in the wake of soaring crude oil prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened higher at 73.56 a dollar against its previous record low closing of 73.58. But, it failed to sustain the initial strength and fell back to breach the 74-mark.

On Thursday, the domestic unit plummeted by 24 paise to end at record low of 73.58 a dollar.

The BSE Sensex too plunged by 584.53 points, or 1.66 per cent, to 34,584.63 in late afternoon trade.