RBI swap deal for oil cos fuels Rupee rally; bonds gain too

The Reserve Bank of India (RBI) is most likely to buy back dollars from oil importers by end of three-to-six months as part of its forex swap arrangement through which it will directly supply dollars to them. On Wednesday, RBI said it would provide dollars to oil importers through a special forex-swap window wherein oil companies will buy dollars from the central bank and, simulatneously, agree to sell dollars back to RBI at a future date.

Read Full Story>>