After the rupee got impacted following unconfirmed reports that the Reserve Bank is considering withdrawing the special dollar swap window opened for oil companies, the central bank on Friday clarified that it is not considering any such move at present.
“The Reserve Bank clarifies that oil marketing companies' swap window remains operational. Any tapering of the window, as and when it occurs, will be done in a calibrated manner,” it said in a statement issued today.
The three state-run oil marketing companies together need nearly $400 million every day or $8-9 billion every month to pay for their crude imports.
The rupee, which opened strong in the morning, lost the ground after a media report said the government is considering closing the oil swap window.
The rupee gained 13 paise from close to 61.10 against the US dollar in early trade and slid to a low of 61.70 in the spot market, which apparently made RBI issue the one-line statement.
After the clarification, the rupee recouped the losses and was trading at 61.25 level at 1355 hrs.
The oil swap window was introduced on August 28, after the rupee hit a life-time low of 68.85.