In a bid to check the rupee fall, the Reserve Bank of India, RBI has opened a special window to meet the daily dollar requirements of the three state-owned oil marketing companies. These companies need about 8.5 billion dollars every month to meet their daily foreign exchange requirement. In a statement, the central bank said that on the basis of assessment of current market conditions, it has decided to open this forex swap window for IOC, HPCL and BPCL.
The PSU oil companies are the biggest buyers of dollars, requiring 8 to 8.5 billion dollars every month for the import of an average 7.5 million tonnes of crude oil.

Under the swap facility, the RBI said, it will sell or buy US Dollars-INR forex swaps for fixed tenure with the oil marketing companies through a designated bank. It further said that the swap facility gets operationalised with immediate effect, and will remain in place until further notice.