RBI to meet daily dollar needs of 3 state-run oil firms to ease rupee pressure

The Reserve Bank of India has stepped in to support three prominent oil firms: Indian Oil, Bharat Petroleum, and Hindustan Petroleum, as they face a combined daily dollar necessity of around $200 million for imports. This proactive approach aims to ease pressure on the rupee amidst soaring dollar demand, with the RBI offering dollars via selected banks at prevailing market rates to ensure smoother oil dollar flows.