 "dollar, rupee, oil prices, rbi, dollar swap facility, oil marketing companies, crude oil, Reserve Bank of India, oil firms, US Federal Reserve, foreign exchange, forex, currency exchange rates, rupee vs dollar, low rupee, declining rupee")
The need to open a special dollar swap facility for state-owned oil-marketing companies (OMCs) is one of the measures that could be announced in the coming days after discussions with the oil ministry.
In such a facility, OMCs will source dollars directly from the Reserve Bank of India (RBI) instead of going to the market. This takes the dollar demand from OMCs out of the foreign exchange (forex) market. They account for a majority of the demand in the forex market.
Notably, in August, the rupee slid heavily as oil prices zoomed and the demand for the dollar spiked among
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