NEW DELHI, Aug. 31 (Xinhua) -- The free fall of the Indian rupee continued Friday for the third straight day as the currency hit a new lifetime low of 71 against the U.S. dollar.

"The Indian rupee plunged further today during the morning trade and recorded a new low of 71 against U.S. dollar," a market analyst said. " It has opened at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74."

Analysts attribute the depreciation of Indian rupee to month-end dollar demand from importers and increase in crude oil prices in international markets.

The fall in rupee is likely to make imports of crude oil, fertilizers, medicines and iron ore costlier.