Economy
RBI opens special dollar window for oil firms as rupee nears 97
The Indian Express3h
THE BRIEF
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The Reserve Bank of India announced a special dollar window allowing three public sector oil marketing companies to meet their entire daily foreign currency requirements directly through the central bank.
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The open-ended arrangement, effective October 12, 2026, aims to cushion the domestic oil sector and ease depreciation pressure on the rupee as international crude prices surged past $100 a barrel.
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The intervention follows a decline in India's forex reserves by $12.95 billion to $734.60 billion by October 2, while the rupee closed at 96.73 against the dollar on Friday.