RBI opens dollar lifeline for oil PSUs as rupee comes closer to 97, crude tops $100
The Reserve Bank of India announced a special dollar window for Indian Oil, HPCL, and BPCL starting October 12 to meet their daily foreign currency needs as crude oil prices exceed $100 per barrel. This measure aims to alleviate pressure on the rupee, which is approaching 97 against the US dollar. The arrangement will continue until further notice.