The Reserve Bank of India sold approximately $7 billion last Friday to defend the rupee, according to sources familiar with the matter cited by Bloomberg. The Indian currency has depreciated 5.87% against the dollar since the start of 2026, approaching its May record low of 96.96 rupees per dollar. Two senior bankers estimated total Friday sales between $8 billion and $9 billion, with follow-up purchases on Monday and Tuesday pushing the rupee back above 96. India’s foreign exchange reserves stood at $676.2 billion as of July 17, up more than $9 billion in three weeks. The RBI has sold a net total of $24.8 billion over the past three months, while Goldman Sachs expects central bank measures and falling oil prices to support the currency.
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