Press Esc to close
Thursday 27 July 2017
News updated at 12:47 PM IST

Oil stocks gain as RBI opens special window for forex purchase

Mumbai, Aug 29, 2013, (PTI): 13:03 IST
File photo.
Shares of state-owned oil marketing companies, IOC, HPCL and BPCL, today rose by up to 4 per cent after the RBI opened a special window to help the three firms needing about USD 8.5 billion every month to meet their daily foreign exchange requirement in a bid to check the rupee's free fall.

IOC's scrip went up by 3.6 per cent to Rs 214.10, while BPCL shares jumped 3 per cent to Rs 277 on the BSE.

Similarly, HPCL's scrip gained 3 per cent to Rs 168.90.

"RBI has opened forex window for oil marketing companies. It is likely to curb rupee pressure and volatility. Positive for overall markets for short to medium term," said Vivek Mahajan, Head of Research, Aditya Birla Money.

"On the basis of assessment of current market conditions, RBI has decided to open a forex swap window to meet the entire daily dollar requirements of three public sector oil marketing companies (IOC, HPCL and BPCL)," the central bank had said in a statement yesterday.

The PSU oil companies are the biggest buyers of dollar, requiring USD 8-8.5 billion every month for importing an average 7.5 million tonnes of crude oil. The RBI decision is aimed at curbing volatility in the forex market.

Under the swap facility, the RBI had said, it will "sell/buy USD-INR forex swaps for fixed tenor with the oil marketing companies through a designated bank."

The swap facility gets operationalised with immediate effect and will remain in place until further notice, it said.

Go to Top

Photo Gallery
Bihar Chief Minister Nitish Kumar coming out of Raj Bhawan after meeting Governor KN Tripathi...

Bihar Chief Minister Nitish Kumar coming out of Raj Bhawan after meeting Governor KN Tripathi...

India's Cheteshwar Pujara, left, and Shikhar Dhawan cheer each others during the first day's play...

India's Cheteshwar Pujara, left, and Shikhar Dhawan cheer each others during the first day's play...

Army officers pay homage at the Dras War Memorial on the occasion of Kargil Vijay Diwas, in Dras...

Army officers pay homage at the Dras War Memorial on the occasion of Kargil Vijay Diwas, in Dras...

Indian Women's Cricket team poses for a group photo during a press conference in Mumbai...

Indian Women's Cricket team poses for a group photo during a press conference in Mumbai...

Actor Akshay Kumar at a function organised to celebrate Kargil War Victory Day at Yashwantrao...

Actor Akshay Kumar at a function organised to celebrate Kargil War Victory Day at Yashwantrao...

Sand artist Sudarsan Pattnaik creates five sand sculptures of A P J Abdul Kalam at Puri beach...

Sand artist Sudarsan Pattnaik creates five sand sculptures of A P J Abdul Kalam at Puri beach...

Anant Maheshwari, President, Microsoft India and Rajiv Kumar, Corporate Vice President...

Anant Maheshwari, President, Microsoft India and Rajiv Kumar, Corporate Vice President...

Former Jharkhand Chief Minister Madhu Koda is seen ploughing his field, in Ranchi on Wednesday...

Former Jharkhand Chief Minister Madhu Koda is seen ploughing his field, in Ranchi on Wednesday...

Children move to safer place from a flooded village at Thiba in Birbhum district of West-Bengal...

Children move to safer place from a flooded village at Thiba in Birbhum district of West-Bengal...

Water level rise above danger level in Sipu dam after heavy rains in Deesa on Wednesday...

Water level rise above danger level in Sipu dam after heavy rains in Deesa on Wednesday...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.