Importers rush for dollars, forced the rupee to extend its overnight slide versus the greenback in the interbank market on Tuesday, dropping 31 paisa for buying and selling at 62.54 and 62.57, money experts said.
The payments are so high due to rising oil prices in the world markets and it may not be good for the rupee's health as it is losing its lustre on higher demand for dollars, they said. Wide gap between imports and exports is a leading factor behind the dollars surge in the market and it seems that if imports go up further, the demand for dollars would rise definitely in days to come, some other analysts said.
Political stability is a key point in restoring the confidence of the foreign investors, that no doubt caused high inflows of dollars, they said. In the second Asian session, yen edged as Tokyo shares gave up early gains and fell, prompting some mild selling of higher-yielding currencies that dragged the Australian dollar down from three-month highs. The yen had fallen across the board on Monday after Standard & Poor's affirmed the top-notch credit rating of US bond insurer MBIA Inc, easing some concerns about ailing credit markets and giving a boost to riskier assets like stocks.
The rupee shed its value sharply due to increased demand by the interbank market, they said. At the same time, the rupee could not maintain its firmness against euro, falling 30 paisa for buying and selling at Rs 92.55 and Rs 92.65, they said.

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Open Buying             Rs 62.60
Open Selling            Rs 62.70
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Buying                Rs 62.54
Selling               Rs 62.57
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
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Overnight    8.75      10.00       9.00       10.10          9.46
1-Week       9.50       9.70       9.60        9.80          9.65
2-Weeks      9.40       9.70       9.55        9.75          9.60
1-Month      9.40       9.65       9.55        9.75          9.59
2-Months     9.40       9.50       9.50        9.60          9.50
3-Months     9.45       9.55       9.55        9.75          9.58
4-Months     9.50       9.65       9.65        9.75          9.64
5-Months     9.50       9.75       9.65        9.80          9.68
6-Months     9.55       9.75       9.70        9.90          9.73
9-Months     9.60       9.80       9.70        9.90          9.75
1-Year       9.65       9.80       9.75        9.90          9.78
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Call Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
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Overnight    9.25      10.00       9.50       10.25          9.75
1-Week       9.75      10.00       9.90       10.25          9.98
2-Weeks      9.75      10.00      10.00       10.25         10.00
1-Month      9.75      10.25      10.00       10.40         10.10
2-Months     9.75      10.25      10.00       10.50         10.13
3-Months     9.75      10.30      10.00       10.50         10.14
4-Months     9.75      10.35      10.00       10.50         10.15
5-Months     9.90      10.40      10.20       10.50         10.25
6-Months    10.00      10.40      10.25       10.50         10.29
9-Months    10.00      10.50      10.25       10.60         10.34
1-Year      10.10      10.50      10.30       10.60         10.38
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