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The rupee slumped to a record low of 71 against the US dollar for the first time ever, amid persistent demand for the US currency and rising crude prices. At Forex market, the local currency opened at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

The rupee today collapsed to a lifetime low of 70.52 by plunging 42 paise against the dollar on strong month-end demand for the American currency. At the interbank foreign exchange market, the rupee opened lower at 70.32 a dollar and dropped further to a new low of 70.52 in late morning deals.

In what comes as good news for Indian passengers, the Indian rupee will now be accepted for all transactions at duty free shops of Dubai airports. Previously, Indian travelers had to convert their money into Dollar, Dirham or Euro before they could make any purchase at Dubai's duty free shops.

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