Rupee rebounds as RBI sells dollars to oil companies.

 The Indian rupee has rebounded from the record low it hit yesterday after the Reserve Bank of India said it would sell dollars to the country's major oil companies. With oil India's biggest import item, the action is aimed at removing $400-500M worth of demand a day for the dollar from the spot market and reducing downward pressure on the rupee. The USD-IRN was -1.9% at 67.465 at the time of writing, while shares were +2.25% and 10-year bond yields -16 bps at 8.805%