The Reserve Bank of India announced it will meet the combined daily dollar requirement of about $200 million for Indian Oil, Bharat Petroleum and Hindustan Petroleum.
The central bank will supply the dollars through a set of selected banks at prevailing market rates, a move intended to smooth oil import payments and reduce pressure on the rupee amid heightened dollar demand.
By ensuring a steady flow of foreign exchange for these state‑run refiners, the RBI hopes to prevent further rupee depreciation linked to the surge in oil‑related dollar outflows.
