RBI opens dollar window for state oil firms as rupee nears 97

According to media reports, the Reserve Bank of India opened a special dollar window to supply foreign exchange to three state-run oil marketing companies.

Under the mechanism, IOC, BPCL, and HPCL receive full daily forex support.

The central bank tightened foreign exchange rules as the rupee comes closer to 97 against the U.S. dollar.

The development follows crude oil prices topping $100 per barrel.

For Indian Americans remitting funds to India, the weakening rupee near 97 alters dollar conversion values on family transfers.