Oil firms possess oil bonds worth $5bn

Posted By: Religare
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In the scenario where the entire country is only talking about falling rupee and rising dollar, the state run oil companies reportedly possess oil bonds worth nearly USD 5 million, said the sources.

As per the estimation, the amount of bond holding is equivalent to the maximum amount of dollars these companies will be able to buy directly from the Reserve Bank of India (RBI).

Meanwhile, the report has come during the time when the apex bank is mulling to sell dollars to oil companies directly against oil bonds, in a bid to boost the value of rupee.

As per the sources, 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.

The measure by the apex bank is taken to contain the rupee volatility which is sliding to touch a new low every day.

Read more about: bonds, oil
Story first published: Monday, June 25, 2012, 23:31 [IST]
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