...At a meeting with oil companies earlier this month, ministry officials told a team of senior officials from private and state-owned oil companies to keep the central bank in the loop when they buy dollar. RBI officials were also present in the meeting. "This could be in the form of an advance notice to RBI which, if necessary and depending on the flow, can sell dollar in the market to even out swings....This, perhaps, is the best possible option because the RBI has made it abundantly clear that it will not offer a separate window to help oil companies carry out off market dollar purchase," said a person who attended the meetings. ......
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