RBI opens special USD window for these 3 state-run OMCs; facility in effect from Oct 12 - What it means for INR support?

What happened: The RBI opened a special window to meet the entire daily dollar requirements of three state-run oil marketing companies: Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Ltd, and Bharat Petroleum Corporation Ltd. Why it matters: Under the facility, the RBI will sell USD to the OMCs through designated banks instead of the open market. Analysts cited in the content link the move to support for the Indian Rupee, with FCNR bond inflows named as a possible source of dollars. Coverage: 4 outlets in 24h

The RBI opened a special window to meet the entire daily dollar requirements of three state-run oil marketing companies: Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Ltd, and Bharat Petroleum Corporation Ltd.

Under the facility, the RBI will sell USD to the OMCs through designated banks instead of the open market. Analysts cited in the content link the move to support for the Indian Rupee, with FCNR bond inflows named as a possible source of dollars.