India Cbank opens forex swap window for state oil retailers

Financial-market28 August 2013, Mumbai – The Reserve Bank of India has decided to open a forex swap window to meet the daily dollar requirements of three state-run oil marketing companies, it said, as part of its steps to stabilise the rupee that fell to a record low on Wednesday.

Under the swap facility, the RBI will undertake sell/buy of the dollar-rupee forex swaps for a fixed tenure with the companies – Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp – through a designated bank, the central bank said on Wednesday.

The swap facility takes immediate effect and will remain in place until further notice, it said.

The Indian rupee slumped to a record low near 69 to the dollar on Wednesday on growing worries that foreign investors will continue to sell out of a country facing stiff economic challenges and volatile global markets.

– Reuters

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