3:26 pm - Wednesday November 4, 2015

No plan to close dollar-swap window for oil firms: RBI

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RBI reference rate for US dollar, euro
RBI reference rate for US dollar, euro

Mumbai – The Reserve Bank of India (RBI) Friday said it has no immediate plan to close the dollar-swap window for oil companies and it will be done in a calibrated manner.

“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 Indian rupee fell sharply after a section of media reported that the RBI plans to close the swap-window for oil marketing companies.

The central bank opened a special window in late August to provide dollars directly to oil marketing firms, in a bid to support the battered rupee.

Oil marketing companies need $8-9 billion every month to pay for their crude imports.

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