RBI Opens a Daily Dollar Window for Indian Oil, HPCL and BPCL — and Rewrites the Hedging Rules
The Reserve Bank of India will sell dollars directly to Indian Oil, HPCL and BPCL every day from Monday, 12 October, covering what its two Saturday releases called the "entire daily dollar requirements" of the three state-run refiners. The window runs until further notice, with the dollars routed through designated banks. It landed with the rupee near 97 to the dollar. Monday's open told a different story. The currency strengthened about 1%, quoted at 95.76 by The Economic Times and 95.83 by Upstox, while bank stocks slipped.
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