RBI opens dollar lifeline for oil PSUs as rupee comes closer to 97, crude tops $100
The Reserve Bank of India (RBI) has opened a special dollar window for three public sector oil marketing companies to alleviate pressure on India’s oil sector as crude prices surpassed $100 a barrel. This move allows Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation to meet their entire daily dollar requirements through a facility operated by the central bank, effective from October 12, 2026.
The RBI's intervention is aimed at reducing the pressure on the rupee, which is nearing the 97 level against the dollar, and comes as forex reserves dipped by $12.95 billion during the week ending October 2.
Brief written by urgent.news from The Indian Express's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- RBI steps up rupee support, opens dollar window for oil companies thehindubusinessline.com
