Reserve Bank of India sold about $7 billion defending rupee
Business
India's central bank (RBI) just made a bold move, selling about $7 billion on July 23, 2026, to keep the rupee from crashing to its lowest point ever.
This came after oil prices spiked, putting extra pressure on countries like India that import a lot of crude.
Indian rupee 1.3% above record low
The RBI kept up its dollar sales for a couple more days, helping the rupee recover and boosting confidence in the currency.
The rupee is now sitting 1.3% above its all-time low at 95.7437 per dollar.
India's foreign exchange reserves have grown by more than $9 billion over three weeks, giving the RBI more power to act fast when needed.
Sanjay Malhotra said these steps helped banks raise $32 billion, a solid safety net for future challenges.