For the first time ever the Indian rupee collapsed to a fresh record low of 71 against the US dollar by slipping 26 paise on friday. The persistent demand for the US currency amid rising crude prices is the reason behind Indian currency fall.

Weakness in almost all other Asian peers also gave a boost to the dollar today. Indian rupee skidded to 71 per  dollar before trading at 70.93/94 per dollar dollar in opening deals.

On Thursday, the rupee slid by 15 paise to close at 70.74 to the dollar, marking the weakest closing level for the rupee against the US currency.