Business · Markets · 1 hr ago

RBI window to ease refiners’ monthly dollar demand and rupee pressure

The Reserve Bank of India has set up a special window for state-run oil refiners.

It is expected to meet almost $10 billion of their monthly demand for dollars.

Without the window, the refiners would buy those dollars on the spot market.

The added demand for dollars can put pressure on the rupee, India’s currency.

Moving the demand to the special window is expected to ease that pressure.

The arrangement concerns state-run refiners and the Indian currency market.

The source does not say how long the window will operate or what happens next.

Sources

Bloomberg · 1 hr ago