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State-run oil companies have received around $14 billion through the special dollar swap window provided by the central bank since late August, an official familiar with the details said on Thursday.
The state-run oil companies will need to pay back those dollars to the Reserve Bank of India (RBI) once the swaps mature between February and April of next year.
The maturity dates were picked on expectations the US Federal Reserve would have started its tapering either at the end of the year or early in 2014, the source added.
Investors had worried that demand for dollars would surge when these swaps mature, thus pressuring the rupee, but RBI Governor Raghuram Rajan pledged on Wednesday the central bank would be flexible in order to avoid disrupting currency markets.
Rajan added at a news briefing on Wednesday that the central bank can roll over some of the swaps so that they mature at later dates or settle the swaps by allowing oil companies to make net payments in rupees.
State-run oil companies met central bank officials on Thursday to discuss operational issues regarding the oil swap window, the official said. The central bank will examine closing the window at the end of November.
Oil companies are now sourcing 30-40% of their dollar needs in markets, Arvind Mayaram, India's economic affairs secretary had said earlier this month.
