The Indian rupee has recently come under renewed pressure, with rumors circulating that the Reserve Bank of India (RBI) was selling its gold reserves to mitigate the currency's depreciation. However, the RBI quickly denied these rumors, stating that its physical gold reserves had not decreased.
Bloomberg economics research indicates that gold was sold.
Bloomberg Economics reported on Tuesday that the Reserve Bank of India (RBI) may have sold approximately $12 billion in gold reserves to cope with pressure from the weakening rupee. The report also noted that the RBI added approximately $7.5 billion in foreign exchange assets during the same period.
The related statements point to market volatility following the escalation of tensions in the Middle East. As the dollar strengthens, the rupee has fallen to near record lows, raising concerns about further weakness and increased imported inflationary pressures.
The Reserve Bank of India issued a statement denying the allegations.
Following the announcement, the Reserve Bank of India (RBI) issued a statement Wednesday evening explicitly denying claims that it had sold gold to support the rupee. The RBI stated that some media reports about selling gold were "inaccurate."
The Reserve Bank of India (RBI) stated that its physical gold inventory is disclosed in its monthly report, and the latest data can be found on its official website. As of now, the physical gold inventory remains unchanged at 880.52 tons.
Official fact-checking is being conducted simultaneously.
The Indian Press Information Bureau also fact-checked the reports and stated that India did not support the rupee by selling gold. The official data also included changes in the proportion of gold in its foreign exchange reserves.
- The figure for the end of September 2025 was 13.92%.
- It rose to 16.70% on March 31, 2026.
- It further increased to 16.85% on May 22, 2026.
This means that, at least according to official disclosures, the proportion of gold in India's foreign exchange reserves is still rising, rather than declining due to large-scale sales. The Reserve Bank of India also stated that, in matters involving such items, one should rely on its regularly published official information.
