.............The RBI is widely seen to have two options: it could open a dollar window for oil companies to buy dollars directly from the central bank or it could purchase oil bonds via special market operations. RBI opted for the latter in 2008 and then again in 2009 because oil companies back then were holding illiquid bonds. That helped the central bank both inject dollar liquidity and help the sector monetize its debt. However, 2012 would be different. Oil companies no longer hold much outstanding oil bonds and traders see a far more effective approach if the RBI were to sell dollars directly to the sector.............
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