RBI opens oil forex window to cut rupee pressure and boost appreciation hopes

Dollars for state refiners could tame daily oil demand

The Reserve Bank of India has launched a special foreign exchange window to provide dollars to state-run refiners, a step designed to ease rupee pressure. The supply is expected to be routed through state-run lenders, reducing the heavy daily dollar demand tied to oil imports. Analysts say the move could support rupee appreciation in the near term.