![\"OMCs](\"https:\/\/static.toiimg.com\/thumb\/msid-132147898,imgsize-1276878,width-400,height-225,resizemode-4\/-.jpg\")
<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\nMUMBAI: The rupee closed at 95.4 against the dollar, down 15 paise from its previous close of 95.25 in the foreign exchange market, with renewed demand for dollars spurring speculation over the return of oil marketing companies (OMCs) to the forex market.To reduce market demand for dollars and stem rupee volatility, RBI had earlier this year moved OMCs to a separate window for purchasing dollars. Oil companies are the biggest importers, and their purchases can swing the exchange rate.“The rupee, which opened at 94.35 on Monday morning, touched 95.35 today, a difference of a rupee in such a short period when almost everything was positive for the rupee. I think the rupee would return towards 94.25 levels next week once this temporary dollar demand ends,” said KN Dey, a forex consultant.The demand for dollars on Thursday came as a surprise, as Asian currencies globally rose against the dollar and international crude oil prices were at a pre-Middle East conflict low.“According to unconfirmed market reports, public sector oil marketing companies have initiated substantial US dollar remittances to cover crude oil imports scheduled over the next couple of months. These forward transactions, reportedly locked in at Brent crude prices near pre-war levels of $71 per barrel, have stimulated an immediate surge in US dollar demand,” Dey added.<\/div>\n<\/div>\n