RBI says FX swap window for oil cos remains operational

Reuters

MUMBAI (Reuters) - The Reserve Bank of India (RBI) said on Friday its dollar window for oil marketing companies remains open, adding that any tapering would be done in a calibrated manner.

"Any tapering of the window, as and when it occurs, will be done in a calibrated manner," the RBI said in a statement.

Earlier in the day Bloomberg TV had reported the RBI was considering closing the dollar swap window offered to oil companies, citing unnamed sources.

The rupee which had earlier fallen to as low as 61.71 to the dollar after the Bloomberg TV news, recovered to 61.41/42, while the benchmark 10-year bond yield fell 2 basis points to 8.58 percent.

The RBI had opened a special window to provide dollars directly to oil companies since late August in a bid to shore up a battered rupee.

(Reporting by Suvashree Dey Choudhury; Editing by Rafael Nam)

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