RBI opens dollar window for oil firms to support rupee
The Reserve Bank of India has announced new measures to support the sliding rupee, including a special dollar window for state oil companies. The central bank also tightened limits on exchange-traded currency derivatives to curb volatility.
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India's central bank introduced a special dollar window for state refiners on Saturday to defend the rupee after the currency slipped near its record low. The Reserve Bank of India stepped in following a close of 96.73 per dollar on Friday, approaching the all-time low of 96.96 reached in May. The intervention targets daily greenback demand from major importers, aiming to curb spot market volatility as reserves face fresh strain.
