What Now! RBI Sold Rs 1L Crore Gold To Save Currency?

It is already known that the Indian currency has been falling very freely against the United States dollar in the global market as the evaluation has hit 96 already. So now, the Reserve bank of India is having to take adequate measures in order to deal with the situation.

In this context, the developments are suggesting that the reserve bank of India had to sell around $12 billion worth gold in the global market in order to safeguard the Indian currency. The evaluation of the Indian currency and the overall economy will largely depend on the commodity prices, and this is the reason why the RBI had to offload the portion of its gold reserves in the global market.

The overall value of this trade transaction that was executed by the RBI is in the range of ₹1 lakh crore. The volume of this transactional shows the kind of situation that India has been facing in the global economy and the kind of repercussions that are felt by the same.

This report was published by the prestigious Bloomberg Media company, which is one of the leading global market followers. India’s central bank may have offloaded a portion of its gold holdings to shield its foreign-currency assets from the cascading fallout of the Iran war, according to an analysis by Bloomberg Economics.

However, the government sources have been informing the local media channels that there is no truth in the speculation that the RBI had indeed sold as much Gold in the open market.