RBI STEPS UP RUPEE SUPPORT , OPENS DOLLAR WINDOW FOR OIL COMPANIES

What happened: The Reserve Bank of India announced more measures to support the rupee after it fell close to its record low, including a special window to meet the daily dollar needs of three government oil-marketing companies. Key numbers: Rupee closed at 96.73 per dollar on Friday, near its all-time weakest level of 96.96 hit in May. Why it matters: An ANZ FX strategist said removing oil companies' dollar demand from the FX market should help reduce volatility but will show up in a depletion of reserves. Coverage: 4 outlets in 24h

The Reserve Bank of India announced more measures to support the rupee after it fell close to its record low, including a special window to meet the daily dollar needs of three government oil-marketing companies.

An ANZ FX strategist said removing oil companies' dollar demand from the FX market should help reduce volatility but will show up in a depletion of reserves.