Rupee slumps 26 paise, sinks to 71-mark

Mumbai: The rupee on Friday slumped 26 paise to breach the 71 level against the $ for the first time in history due to worsening macro environmental factors and heavy month-end dollar demand from importers. The domestic unit settled the day with a loss of 26 paise, or 0.37 per cent at its lifetime low of 71.00 to the dollar. Analysts said the RBI is intervening very selectively to contain volatility while the government seems to be comfortable amid a slide in emerging market currencies.