The rupee on Tuesday slumped 16 paise against the dollar to trade at a life-time low of 71.37 on strong demand for the US currency. At the Interbank Foreign Exchange, the local currency opened at a record low of 71.24 against a dollar, down from its previous close of 71.21, and weakened further to trade at a fresh low of 71.37, down 16 paise. Forex dealers said besides strong demand for the American currency from importers, capital outflows too weighed on the domestic currency.