RBI opens oil dollar window for oil firm

The Reserve Bank of India (RBI) opens a designated foreign exchange window to fulfill the complete daily dollar requirements of state-run oil refiners, according to an official statement issued by the central bank.

The intervention applies specifically to three public sector oil marketing companies: Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited.

“On the basis of assessment of current market conditions, the Reserve Bank of India has decided to open a special window to meet the entire daily dollar requirements of three public sector oil marketing companies (OMCs),” the central bank stated in its document.

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