IOC raises $500 mn under RBI's forex swap
Indian Oil Corp, the country's top refiner, has raised $500 million under the Reserve Bank of India's concessional dollar-rupee swap window for external commercial borrowings, its CFO said on Friday.Here are some more details:* The Indian central bank had last month rolled out a discounted forex swap facility for external commercial borrowings by state-run companies to encourage dollar inflows as part of measures to strengthen India's balance of payments. The facility allows firms to lock in FX hedges at below-market rates, encouraging them to raise overseas loans.* The company ra