RBI debunks report claiming it sold $12 billion worth of gold to protect forex reserves

Key points

• Bloomberg's report dismissed as fake NEW DELHI: The Reserve Bank of India (RBI) on Wednesday dismissed report claiming that it may have sold gold worth about $12 billion to bolster foreign exchange reserves and support the rupee amid economic pressures linked to the ongoing US-Iran conflict.In a press release, RBI said, "The Reserve Bank of India (RBI) has come across reports in certain sections of the media about RBI’s sale of gold.
• The RBI emphasises that these reports are not correct.
• In this context, it is clarified that the physical stock of gold is disclosed by the RBI in its Monthly Bulletin.
• The latest edition is available on the RBI website, and the physical stock of gold remains unchanged at 880.52 tonnes as of date.
• "The statement further said, "Members of the public are, therefore, advised to rely on official information published by the RBI from time to time in...