RBI opens exclusive forex window for oil refiners to stabilize rupee. The central bank is supplying dollars to state-run refiners through state lenders like SBI, reducing pressure on India's currency. Daily dollar demand from oil companies averages 500-550 million, but analysts expect this to drop significantly as the RBI intervenes. The rupee closed at 92.92 on Friday, up from 93.20 previously. Traders anticipate the currency could strengthen toward 92.00-92.20 per dollar levels if demand moderates. This indirect intervention uses RBI reserves to meet spot market demand, keeping major players out and relieving currency pressure. The strategy echoes previous RBI actions during the 2013 taper tantrum and Russia-Ukraine war.
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