The Reserve Bank of India (RBI) announced on Saturday, 10 October 2026, that it will open a special window to meet the entire daily dollar requirement of the three public sector oil marketing companies, The Hindu reported.
Quick Facts
| Announced | 10 October 2026 |
| Takes effect | Monday, 12 October 2026 |
| Duration | Until further notice |
| Companies covered | Indian Oil Corporation, Hindustan Petroleum, Bharat Petroleum |
| Estimated daily need | About $300 million |
How It Works
“Under the facility, the Reserve Bank will undertake sale of USD to the public sector OMCs through designated bank/s,” the RBI said in a notification.
Why It Is Being Done
With crude oil prices rising, the oil companies need more dollars to pay for imports.
When they buy those dollars in the open market, the extra demand pushes the rupee down. Selling to them directly keeps that demand out of the spot market.
Can the RBI Afford It
The Hindu reported that the central bank has sufficient reserves, having recently mobilised more than $127 billion through foreign currency deposits and a further $9 billion through other channels.
The Background
The rupee closed at 96.72 against the dollar on Friday. Brent crude was trading at about $102.9 a barrel.
Source: The Hindu (10 October 2026).
Featured image: The Reserve Bank of India headquarters in Mumbai, September 2024. Photo by DesiBoy101, licensed under CC BY 4.0, via Wikimedia Commons.
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