Indian refiners barely tap SBI FX credit as rupee fears spark higher repayment worries

They’re avoiding a rupee-support line—because repayment could cost more

State-run Indian oil refiners are using SBI’s special FX credit line sparingly, choosing caution over a rupee-support mechanism. They expect further rupee depreciation, which would raise the cost of repaying the dollar-linked credit. The move comes as renewed pressure builds on the rupee, including from dollar demand linked to oil purchases.