"Indian rupee (₹) plunged to all time low of ₹74.48 against the US Dollar ($) "
The above statement indicates the depreciation of Indian currency against the foreign currency dollar ($) . Depreciation means the fall in the value of rupee in terms of foreign currency. More rupees are now required to buy a unit of foreign currency. This will make foreign goods costlier to India. As a result, imports are likely to fall.