India's central bank takes action to stabilize the rupee amid currency pressure. The Reserve Bank of India has urged state-run oil refiners to reduce spot dollar purchases and instead tap a special credit line for foreign exchange needs. This measure aims to ease pressure on the Indian rupee, which has fallen over three percent to record lows this year, becoming Asia's worst-performing major currency. Oil refiners are major dollar buyers for importing crude oil. The credit facility is available to Indian Oil Corp, Hindustan Petroleum Corp, and Bharat Petroleum Corp, which collectively control roughly half of India's refining capacity. Refiners are also being encouraged to route daily dollar purchases through State Bank of India rather than multiple banks to reduce overall market impact.
