Amid the ongoing US-Iran conflict, the Reserve Bank of India may have sold some of its gold holdings to protect foreign exchange reserves from the economic fallout of the Middle East situation, according to a Bloomberg report.
According to an assessment by Bloomberg Economics based on publicly available data, RBI sold gold worth around $12 billion during the two weeks ending May 22. Abhishek Gupta, Senior India Economist at Bloomberg Economics, estimates that the RBI added approximately $7.5 billion to its foreign currency assets.
Governor Sanjay Malhotra is weighing all options available to stabilize the rupee, including an interest-rate hike and raising dollars from investors overseas, Bloomberg News reported earlier.
India never Sold it's Gold in History
Even in 90s India mortgaged it's Gold in Crisis Time but Never Sold
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