RBI opens special USD window for state oil firms to ease dollar demand

The Reserve Bank of India will directly sell US dollars to three state-owned oil marketing companies (IOCL, HPCL, BPCL) to cover their daily dollar requirements, starting October 12, 2026. This intervention aims to ease pressure on the rupee amid oil import demand, signaling potential currency stress. The move is a direct central bank action in FX markets, likely to support the rupee but may deplete reserves.