RBI to supply daily dollars to state oil firms to ease rupee pressure

The Reserve Bank of India is supporting three state-run oil companies—Indian Oil, Bharat Petroleum, and Hindustan Petroleum—that require approximately $200 million daily for imports. The RBI will supply dollars through selected banks at prevailing market rates. While experts expect near-term rupee relief from this measure and RBI curbs on speculative currency trades, they caution that high oil prices, capital outflows, and weak external balances will continue pressuring the currency.