Reserve Bank of India update on dollar-swap window for oil companies
“The Reserve Bank of India today clarified that the Oil Marketing Companies (OMC) swap window remains operational. Any tapering of the window, as and when it occurs, will be done in a calibrated manner,” the central bank said in a statement.
The central bank opened a special window in late August to provide dollars directly to oil marketing firms, in a bid to support the Indian rupee.The rupee fell sharply after it was reported that the RBI planned to close the swap-window for oil marketing companies.
Indian oil marketing companies need between $8-9 billion every month to pay for crude imports.