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17.04.26 - 12:02
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Rupee hits one-week high as RBI moves to stem in fall (Times of India)
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The Indian rupee surged to a one-week high Friday, boosted by Reserve Bank of India's strategic moves to curb dollar demand from state-run oil refiners. By urging them to use a special credit line, the central bank aims to stabilize the currency against global pressures....
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17.04.26 - 05:04
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India′s Central Bank Tells Oil Refiners To Stop Buying Dollars On Spot Market (ZeroHedge)
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India's Central Bank Tells Oil Refiners To Stop Buying Dollars On Spot Market
By Julianne Geiger of OilPrice.com
India's central bank has told state-run oil refiners to stop buying dollars in the spot market and instead use a government-backed credit line.
That matters because oil is priced in dollars, and refiners are some of the biggest buyers of dollars in the country. When they all go into the market at once to pay for crude, it puts direct pressure on the rupee. That pressure has been building for weeks.
The Reserve Bank of India is now stepping in to manage the demand.
State refiners, including Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation, have been asked to draw dollars through a special credit facility routed via State Bank of India. Together, these companies account for about half of India's 5.2 million barrels per day of refining capacity.
Instead of going into the open market to buy dollars on the spot—meaning immediate purchase at c...
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