Taper tantrum forex window (2013)
During the 2013 'taper tantrum', when the US Federal Reserve signaled it would wind down bond purchases, the RBI opened a forex swap window to meet the daily dollar needs of three state oil firms. They needed around $8 billion to $8.5 billion a month for crude imports.
The window diverted oil-import dollar demand from the open market, easing pressure on the rupee during the selloff.
The rupee stabilized as global conditions improved. The 2026 facility differs by using direct dollar sales rather than swap arrangements with future buyback.
The October 2026 dollar window for the same three oil firms is the first such facility since 2013, showing the RBI is using a proven playbook to support the rupee.
