Forex swap and dollar window for oil companies - 2013
India's central bank begins selling dollars to state-owned refiners Mumbai (Platts)--28Aug2013/238 pm EDT/1838 GMT Reserve Bank of India late Wednesday said will will open a foreign exchange swap window to meet the entire daily US dollar requirements of the three state-owned refining and marketing companies . The move by the central bank is aimed to control volatility in the currency markets by selling dollars directly to state oil companies who need the currency to pay for imported crude. Indian currency fell to a record low of Rupees 68.8 to the dollar on Wednesday, down Rupees 2.56 from Tuesday. The rupee has depreciated by about 24% in the last three months. "On the basis of assessment of current market conditions, Reserve Bank of India has decided to open a forex...