3:50 pm - Saturday February 17, 4723

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

323 Viewed News Editor 0
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.

Don't miss the stories followIndiaVision News & Information and let's be smart!
0/5 - 0
You need login to vote.
Filed in
Telecom major Bharti Airtel on Thursday announced it has acquired 100 per cent stake in Wireless Business Services (WBSPL), a company founded by U.S. chipmaker Qualcomm. The company had acquired a 49 per cent stake in WBSPL in May 2012 for $165 million. At that price, the additional stake purchase would have cost Airtel an estimated $165 million, or Rs. 1,008.1 crore at Friday’s exchange rate. However, the company did not disclose the financial details of the deal. In a statement, Airtel said that it has “completed the acquisition of 100 per cent equity shares of Wireless Business Services Private Limited, which holds BWA Spectrum in the Indian telecom circles of Mumbai, Delhi, Haryana and Kerala”. Airtel acquired a majority stake in WBSPL in July by increasing its stake to 51 per cent from 49 per cent. WBSPL has spectrum that can be used for high-speed 4G services in New Delhi, Mumbai, Haryana and Kerala. Airtel has the similar spectrum in Punjab, Maharashtra, Kolkata and Karnataka. Airtel has already launched 4G services in Bangalore, Pune, Kolkata, Chandigarh, Mohali and Panchkula. Shares of Airtel were trading at Rs. 353.80, up by 1.46 per cent, in the afternoon session at BSE.

Airtel acquires Qualcomm’s 4G company

Not worried about FIR ,"I haven't done any wrong" in coal scam, says KM Birla

Not worried about FIR ,”I haven’t done any wrong” in coal scam, says KM Birla

Related posts