The Reserve Bank of India (RBI) has announced a special window to meet the entire daily dollar requirements of three public sector oil marketing companies (OMCs), effective October 12, 2026.
The facility will cover Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL), the central bank said in a press release dated October 10.
Under the arrangement, the RBI will sell US dollars to the three companies through designated banks. The facility will remain in place until further notice.
The central bank said the decision was taken after assessing current market conditions.
The move comes as the rupee remains under pressure, having traded at record-low levels in recent sessions.
On Friday, October 9, the domestic currency appreciated 17 paise to close at 96.71 against the US dollar, recovering from Thursday’s (October 8’s) close of 96.88.
Forex traders attributed Friday’s recovery to a softer US dollar, easing crude oil prices and likely intervention by the central bank.
Oil marketing companies require dollars to pay for crude oil imports. The special window will provide a dedicated channel for meeting the entire daily dollar requirements of the three public sector companies, according to the RBI’s announcement.
The central bank did not specify the pricing mechanism for the dollar sales or the volume of foreign exchange expected to be supplied under the facility.