 "Rupee rises to near two-month high on talk of FX oil window extension")
The rupee rose to a near two-month high of 63.4525 on widespread speculation the Reserve Bank of India may be considering extending its swap facility window to provide dollars to state-run oil companies.
Although the RBI has never indicated when it would end the window, traders had been expecting this by the end of the month.
Economic Affairs Secretary Arvind Mayaram said last week oil companies are sourcing 30-40% of their dollar needs in markets. RBI Governor Raghuram Rajan had previously said any tapering of the swap window would be done in a "calibrated" manner.
The rupee was trading at 63.53/54 after falling to as high as 63.4525 to the dollar. It had closed at 63.71/72 on Tuesday.
Although the RBI has never indicated when it would end the window, traders had been expecting this by the end of the month.
Economic Affairs Secretary Arvind Mayaram said last week oil companies are sourcing 30-40% of their dollar needs in markets. RBI Governor Raghuram Rajan had previously said any tapering of the swap window would be done in a "calibrated" manner.
The rupee was trading at 63.53/54 after falling to as high as 63.4525 to the dollar. It had closed at 63.71/72 on Tuesday.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%