India on Saturday unveiled fresh measures to shore up the rupee, redirecting oil companies' dollar purchases away from the spot market and tightening hedging rules as the currency hovers near record lows.
The steps by the Reserve Bank of India come as persistent pressure on the rupee, fueled by surging oil prices and global bond yields, has driven the currency down more than 7% this year.
The central bank will open a special window to meet the daily dollar requirements of three state-run oil-marketing companies, easing pressure on the spot market.
Under such an arrangement, used during periods of currency stress, the RBI provides oil companies dollars directly from its foreign exchange reserves.
Indian Oil, Hindustan Petroleum and Bharat Petroleum will be allowed to access the facility from Monday, the RBI said.