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India central bank takes steps to support rupee, opens dollar window for oil companies
MUMBAI: India’s central bank has announced more measures to support the rupee on Saturday after the currency fell to within striking distance of its record low. The Reserve Bank of India will open a special window to meet the daily dollar requirements of three government oil-marketing companies to ease the pressure on the spot market Under such an arrangement, used in times of strain on the currency, the RBI provides oil companies dollars directly from its foreign exchange reserves Indian Oil, Hindustan Petroleum and Bharat Petroleum will be allowed to access to access dollars under the facili...
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