Oil Swap Window

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  As Rupee Dives To Record Low, How RBI May Tackle Crisis

  Pressure is mounting on Reserve Bank of India to take stronger action to stem rupee's slide.

• Indian Oil Forex Swaps with RBI Squared Off

  The RBI had opened a forward dollar window for oil refiners during the rupee crisis last year to prevent a sharp fall in the rupee.

• RBI chief says net oil swap repayments less than $7 billion

  He said the total amount of oil swap agreements the RBI entered into with refiners to provide them with dollars was under $12 billion since their introduction on August 28.

• Oil firms sourced only $10.5 billion from dollar window: JPMorgan

  State-run oil companies received only $10.5 billion in dollars via the RBI's special swap window, below market estimates of $11-16 billion, J.P.Morgan calculates in a report on Friday.

• Oil firms source $14 billion from oil window: report

  Investors had worried that demand for dollars would surge when these swaps mature, thus pressuring the rupee, but RBI Governor Raghuram Rajan pledged on Wednesday the central bank would be flexible in order to avoid disrupting currency markets.

• Rupee hits 9-week low as oil firms shop for dollars

  The swap window is expected to close at the end of November as the central bank gradually reverses its drastic rupee-defence policies. Traders fear that some of the early 3-month swaps these companies had entered into with the central bank would fall due in December, requiring them to buy dollars from the market.

• RBI in no rush to taper dollar window to oil firms: Raghuram Rajan

  The Reserve Bank of India (RBI) has allowed state-run oil companies to start purchasing dollars from markets but will not rush the process of tapering its dollars swap window to these companies, Governor Raghuram Rajan said on Wednesday.

• Rupee rises on talk of dollar oil window extension

  The rupee rose to 63.4525 on widespread speculation the Reserve Bank of India may be considering extending its swap facility window to provide dollars to state-run oil companies.

• Indian Oil buying 'some' dollars from SBI: report

  Indian Oil Corp finance director said on Friday the state-run refiner was buying "some" dollars from State Bank of India, outside of the special window created by the Reserve Bank of India (RBI).

• BofA-ML says time is right for RBI to taper oil swap window

  The Reserve Bank should start winding down its special forex swap window for oil marketing companies because market expectations on the rupee have improved and the fall in the country's import cover needs to be stopped, Bank of America Merrill Lynch said today.

• Raghuram Rajan hints at pause in rate hikes

  Dr Rajan added the Indian rupee would be considered to have stabilised only when oil demand has returned to markets, while adding the special swap window currently provided by the central bank would be tapered gradually.

• Dollar window for oil marketing companies remains open: RBI

  The Reserve Bank of India (RBI) said on Friday its dollar window for oil marketing companies remains open, adding that any tapering would be done in a calibrated manner.

• Rupee ends slightly lower after rising to 60.92

  The rupee fell on Friday in a manic session after the Reserve Bank of India's reassurance that it was not yet closing a special dollar swap window for oil firms helped the currency recover from session lows.

• Oil companies gain after RBI opens forex swap window

  The RBI announced late on Wednesday a special window "with immediate effect" to sell dollars through a designated bank to Indian Oil Corp Ltd, Hindustan Petroleum Corp and Bharat Petroleum Corp "until further notice".

• RBI to sell dollars to oil companies to shore up rupee

  The Reserve Bank of India (RBI) has decided to open a forex swap window to meet the daily dollar requirements of three state-run oil marketing companies, it said, as part of its steps to stabilise the rupee that fell to a record low on Wednesday.