RBI denies reports of 12 billion dollar gold reserve sale
The Reserve Bank of India denied reports it sold 12 billion dollars in gold and confirmed its holdings remain at 880.52 tonnes despite falling reserve values.
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The Reserve Bank of India (RBI) denied reports on Wednesday morning that it sold $12 billion in gold reserves during late May. This clarification follows a Bloomberg Economics analysis suggesting the central bank liquidated holdings to rebalance assets. The statement stabilizes sentiment around India's sovereign buffer as the rupee faces record-low pressure.
