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IOC, HPCL, BPCL hold Rs 28,000 cr in oil bonds

Reuters/Mumbai 25 Jun 12 | 01:58 PM

India's three big state-run oil retailers together hold oil bonds worth about $5 billion (Rs 28,000 crore), which is likely to be the maximum amount of dollars these companies will be able to buy directly from the Reserve Bank of India (RBI).

There have been talks that the RBI may sell dollars to oil companies directly against oil bonds to reduce demand from market and contain volatility in the rupee.

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Indian Oil Corp , Hindustan Petroleum Corp Ltd , Bharat Petroleum Corp Ltd hold oil bonds worth Rs 15,000 crore, Rs 6900 crore , and Rs 6000 crore, respectively, officials from the oil companies told Reuters.

The rupee rallied on Monday on hopes for government measures to halt a slump in the currency, which hit a record low on Friday, with traders saying action to boost long-term foreign investment would be the most effective step.

Finance Minister Pranab Mukherjee said on Saturday that India would unveil measures on Monday but gave no details.

The RBI last sold dollars to oil companies against oil bonds between 2008 and 2009.

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