Sinking rupee gained the most in a single day in the last 15 years on Thursday as RBI’s decision to sell dollars to oil marketing companies provided relief for the domestic currency. As a result, rupee gained 225 paise and closed at 66.55 against the dollar.
Rupee helped stock markets too as Sensex gained 405 points and closed at 18,401.04, while Nifty added 124.05 points to close at 5,409.05 level.
The RBI last night said PSU oil companies could buy dollars through a special swap window effective immediately. Indian Oil, Bharat Petroleum and Hindustan Petroleum are the biggest buyers of dollars, requiring about $8.5 billion every month to import an average 7.5 million tonnes of oil.