Oil companies to buy half their dollar demand from any one PSU bank: Reserve Bank of India

The Reserve Bank of India, the apex banking authority of India, has asked State-run oil marketing companies (IOC, BPCL and HPCL) to buy 50 per cent of their dollar requirement from any one public sector bank the remaining 50 per cent of their dollar demand through competitive bids from the open market. This move will help to curb the perception of excess dollar demand in the country amid a sharp decline in the rupee value.

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