New Delhi, April 17 -- The Indian rupee opened 25 paise higher at 92.95 against the US dollar on Friday, April 17, supported by reports that the Reserve Bank of India has taken steps to limit the impact of dollar demand from state-run oil refiners.

According to a Reuters report, the central bank has urged refiners to reduce spot dollar purchases and instead utilise a special credit line to meet their foreign exchange requirements. This approach mirrors measures adopted during the Russia-Ukraine conflict to stabilise the currency amid rising oil prices.

State-run refiners have been advised to meet their daily payment obligations by accessing dollar credit lines through State Bank of India, as per Reuters report. Typically, oil refiners b...