RBI to meet oil companies to discuss foreign exchange needs

MUMBAI: The Reserve Bank of India will meet with oil company officials in Mumbai later on July 8 to discuss their foreign exchange needs, two sources with direct knowledge of the matter reported.

The meeting with oil companies, which are the biggest buyers of dollars in domestic currency markets, comes as the 
rupee slid to a record low of 61.21 against the dollar on July 8.

"Various options will be discussed. Oil window has been one of the suggestions," said one of the sources on Monday.

Dealers have said the RBI may impose a separate window to oil companies to provide them with US dollars, reducing demand for the greenback in the 
spot market and thus helping ease downward pressure on the rupee.