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RBI caps refiners’ $ buying for Iran dues to shield Re

business Updated: May 31, 2016 06:47 IST

The Reserve Bank of India (RBI) has capped weekly dollar purchases by oil refiners to pay off their debts to Iran in order to avoid pressure on the rupee, sources said on Monday. India is one of the biggest buyers of Iranian crude, and built up a payments backlog when Iran was under Western sanctions, with its refiners owing about $6.5 billion to Tehran.

First Published: May 31, 2016 06:47 IST