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India's IOC buying "some" dollars from SBI - exec
November 8, 2013 / 10:52 AM / in 4 years

India's IOC buying "some" dollars from SBI - exec

NEW DELHI, Nov 8 (Reuters) - Indian Oil Corp’s finance director said on Friday the state-run refiner was buying “some” dollars from State Bank of India, outside of the special window created by the central bank.

The Reserve Bank of India had directed in August India’s three state-run oil companies -- the biggest buyers of dollars in the market -- to source dollars directly from the special window in a bid to ease selling pressure on the local currency.

However, television channels on Thursday quoted Economic Affairs Secretary Arvind Mayaram saying state-run oil companies had started buying 30-40 percent of their dollar demand in markets instead of the special window, marking a wind down of the emergency measure imposed by the RBI. (Reporting by Nidhi Verma and Ratnajyoti Dutta; Editing by Anand Basu)

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