RBI to sell dollars to oil companies to shore up rupee The Reserve Bank of India (RBI) will provide dollars directly to state oil companies in its latest attempt to shore up a currency that has slumped to a record low, reflecting the stiff economic challenges facing the country in an uncertain global environment.The apex bank announced late on Wednesday a special window "with immediate effect" to sell dollars through a designated bank to Indian Oil Corp Ltd, Hindustan Petroleum Corp, and Bharat Petroleum Corp "until further notice".The RBI last opened such a window during the 2008 global financial crisis, although it had been widely expected to re-implement the measures after last month telling oil companies to buy dollars from a single bank.The steps are the latest in a series of extraordinary measures undertaken by the RBI to combat a currency fall of more than 20 per cent this year, by far the biggest decline among the Asian currencies tracked by Reuters.
Posted on: Fri, 30 Aug 2013 04:49:05 +0000
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