RBI Opens Dollar Window For 3 State-Run Oil Firms As Rupee Faces Pressure The Reserve Bank of India (RBI) has opened a special dollar window for state-run oil marketing companies to meet their daily foreign exchange requirements, while tightening rules governing foreign exchange derivatives to ease pressure on the rupee and curb volatility. The three oil marketing companies (OMCs) for which the RBI announced the special window are: Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Ltd, and Bharat Petroleum Corporation Ltd. "On the basis of assessment of current market conditions, Reserve Bank of India has decided to open a special window to meet the entire daily dollar requirements of three public sector oil marketing companies (OMCs)..." the statement said. The rupee closed at 96.73 against the dollar on October 9, near its record low of 96.96 to the dollar in May. The rupee has weakened by more than 7 percent in the calendar year 2026 and around 3.5 percent so far in FY27. With the rupee nearing its record low, experts believe the RBI is looking at how to prevent it from breaching the psychologically significant 97-per-dollar mark, where further weakness could intensify corporate dollar-buying and speculative short positions. The RBI has lowered the threshold for certain forex derivative transactions without an underlying exposure to 5 million dollars from 100 million dollars, thereby restricting the rebooking of cancelled rupee-linked contracts and introduced a cash reserve requirement for specified transactions. The RBI stated, "authorised dealers shall not permit users to rebook any foreign exchange derivative contract involving INR, whether deliverable or non-deliverable, which has been cancelled with any authorised dealer." Rollover of foreign exchange derivative contracts on maturity shall continue to be permitted, subject to compliance with the extant regulatory provisions, the statement highlighted. The measures come amid rising oil prices, which increase demand for dollars from importers, adding to pressure on the rupee. Get Latest News Live on Times Now along with Breaking News and Top Headlines from Business, Economy and around the World. Sakshi Bajaj is a seasoned Associate Editor with over 15 years of experience in broadcast journalism. She has anchored, scripted, produced shows and w... View More