India's Central Bank Tells Oil Refiners To Stop Buying Dollars On Spot Market

India's Central Bank Tells Oil Refiners To Stop Buying Dollars On Spot Market By Julianne Geiger of OilPrice.com India’s central bank has told state-run oil refiners to stop buying dollars in the spot market and instead use a government-backed credit line. That matters because oil is priced in dollars, and refiners are some of the biggest buyers of dollars in the country. When they all go into the market at once to pay for crude, it puts direct pressure on the rupee. That pressu...

By Tyler Durden