Reserve Bank of India takes steps to support rupee, opens dollar window for oil companies
The Reserve Bank of India opened a special dollar window for three oil companies to ease currency pressure. This facility allows Indian Oil, Hindustan Petroleum, and Bharat Petroleum to access dollars directly from RBI reserves starting Monday. While this move aims to stabilize the rupee, it may lead to a depletion of reserves, as noted by FX strategist Dhiraj Nim.