It said the sales would help to meet the "entire daily dollar requirements" of the three firms. According to some estimates, they import about $300m worth of oil daily.

 

The rupee bounced back from its record low, rising 2.5% against the US dollar.

 

The Indian currency is one of the worst performers in the world this year.

 

It has declined more than 20% against the US dollar since the start of 2013.

 

Global oil contracts are mostly settled in US dollars. As a result, Indian oil firms need to sell rupees to buy US dollars to pay for the imports. 

 

The central bank's swap¹ window is expected to take the bulk of their dollar demand away from the foreign-exchange market and help to stem the decline in the rupee.

 

However, some analysts² said the central bank's move was unlikely to result in a sustained recovery in the currency.

 

"The measure is unlikely to arrest the decline in the Indian rupee with the authorities increasingly trying to find new means to stem the rout³ in the currency," said Mitul Kotecha, head of global markets research for Asia at Credit Agricole.

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