The Reserve Bank of India (RBI) will not hurriedly close a special window for oil marketing companies (OMCs) to buy dollars for crude oil imports, said the RBI Governor Raghuram Rajan on November 13. The RBI is striving bring stability in the currency market.
When the rupee touched an all-time low of 68.85 against the dollar on August 28, the RBI opened a swap window for State-owned Indian Oil, Bharat Petroleum and Hindustan Petroleum to buy their foreign exchange requirements directly from the RBI.
Among the dollar buyers in the country, the public sector oil companies are the biggest ones, requiring $8-8.5 billion every month to import an average 7.5 million tonne of crude oil.