The Reserve Bank of India opened a special dollar window for three state-run oil firms starting October 12. This facility helps Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation meet their daily dollar needs. The RBI said the arrangement will continue until further notice based on market conditions.

Synopsis

The Reserve Bank of India has opened a special facility for three state-run oil marketing companies. This facility is designed to meet their full daily dollar requirements. The arrangement will continue until further notice based on the market conditions. Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation are the companies benefiting from this initiative. The RBI is providing US dollars through designated banks to ensure smooth operations.

The Reserve Bank of India (RBI) has opened a special window to meet the entire daily dollar requirements of three state-run oil marketing companies (OMCs), starting October 12, as it moves to ensure access to foreign currency for their operations.

The facility will cover Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation, with the RBI selling US dollars to the companies through designated banks.

It will remain in place until further notice, RBI said in a statement.

The move comes as the RBI assesses prevailing market conditions.

The special window is intended to meet the three companies’ full daily dollar requirements, although the central bank did not specify the duration beyond saying the arrangement would continue until further notice.

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