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IOC buying "some" dollars from SBI: Finance Director

Reuters | Last Updated: Friday, November 8, 2013 - 20:05

New Delhi: 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 Reserve Bank of India (RBI).

The RBI had directed in August the 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.

First Published: Friday, November 8, 2013 - 20:05
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