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 14:21:46 +0000
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