Reserve Bank of India opens special dollar window for state-run oil marketing companies

The Reserve Bank of India (RBI) has opened a special foreign exchange window to meet the full daily dollar needs of three state-run oil marketing companies. In a statement, the central bank said the intervention applies to Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited. The facility is scheduled to start operating on October 12, 2026, and will remain in place until further notice. Under the operational framework, the RBI will sell U.S. dollars to the refiners through designated banks rather than through direct open-market bidding by fuel retailers. The RBI cited its review of current currency and market conditions.