India's RBI caps refiners' dollar buying to settle Iran dues
sources/ May 30 (Reuters) - The Reserve Bank of India wants refiners to restrict dollar buying to $500 million a week to clear their oil dues to Iran in order to avoid downward pressure on the rupee currency, three sources with knowledge of the matter said. Refiners that owed about $6.5 billion to Iran have so far cleared $770 million in euros for Iran through Turkey's Halkbank . State-run Union Bank of India facilitated the payments to National Iranian Oil Co (NIOC). (Reporting by Nidhi Verma; Editin by Douglas Busvine)
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