India’s Central Bank Sold $7 Billion in a Day to Stop the Rupee’s Slide

The Reserve Bank of India (RBI) sold about $7 billion last Friday to defend the rupee, Bloomberg reported, citing people familiar with the matter.

The rupee traded at 95.6 per dollar on Thursday, about 1.4% from its record low. The currency has fallen 5.87% against the dollar in 2026.

Inside the Largest RBI Rupee Intervention in Months

According to the report, the latest move ranked among the central bank's largest direct interventions in months. The central bank intervened in both onshore and offshore markets. This came as currency was sliding close to its May record low of 96.96 per dollar.

Two senior bankers put Friday's dollar sales at $8 billion to $9 billion, Reuters reported. Follow-up sales on Monday and Tuesday then lifted the rupee past 96 per dollar.

Meanwhile, India's foreign exchange reserves stood at $676.2 billion as of July 17, up more than $9 billion in three weeks.

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