MUMBAI, Aug 29: The Reserve Bank of India (RBI), on the basis of its assessment of the current market conditions, has yesterday decided to open a forex swap window, to meet the entire daily dollar requirements of three public sector oil marketing companies.
The three companies are Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL).
Under the swap facility, RBI will undertake sell/buy USD-INR forex swaps for fixed tenor with the oil marketing companies through a designated bank.
The swap facility is operational with immediate effect and will remain in place until further notice, an RBI press release added.
(UNI)
Follow our WhatsApp channel
