Seeking bail in the case, Rai had claimed that no purpose would be served by keeping him in further custody.
The journalist had contended that he was not required for further custodial interrogation since the Central Bureau of Investigation's plea for it was rejected by the court on May 9.
Rai was arrested by the CBI on May 3.
The Delhi-based scribe was arrested for allegedly indulging in dubious financial transactions and getting an airport access pass made by the Bureau of Civil Aviation Security (BCAS) by furnishing false information.
The Supreme Court had on May 4 refused to interfere with his arrest.
In his application seeking protection from arrest, Rai had claimed he was framed in the case because of his writings against an Enforcement Directorate officer who was part of the team probing the 2G spectrum allocation scam case.
In its FIR, the agency has alleged that going by the value of the transactions of over Rs one lakh during 2017, Rai's accounts received Rs 79 crore while Rs 78.51 crore was debited from it during the same period.