New Delhi, 3/6′:The Reserve Bank of India (RBI) may have offloaded a portion of its gold holdings to shield its foreign-currency assets from the cascading fallout of the war in the Middle East, according to an analysis by Bloomberg Economics based on publicly available data.
The RBI likely sold gold reserves worth roughly $12 billion in the two weeks through May 22, while buying $7.5 billion of foreign-currency assets, Abhishek Gupta, BE’s senior India economist, wrote in a report
