India is planning direct transactions with refiners

Note: This section contains information in English only.
Source: Bloomberg
Due to high inconstancy of the national currency, the Reserve Bank of India considers a possibility of using U.S dollar in direct cooperation with oil importers. The rupee declined by 1.3 per cent during the previous day, reaching the level of INR 54.5225 in relation to dollar and still remaining the worst performing currency in Asia. B. Mukherjee, financial director of Hindustan Petroleum Corporation, has stated that the central bank of the country may exchange dollars to rupees with petroleum companies at its daily accepted rate; this strategy will not only prevent losses, but reduce demand of dollar in the market as well.
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