Key facts
- India's Finance Ministry denied reports of the RBI selling $12 billion in gold.
- The alleged sale was to boost foreign exchange reserves and curb the rupee's slide.
- Official RBI data indicates an increase in gold holdings, contradicting the reports.
Sources within India's Finance Ministry have officially denied recent media reports suggesting that the Reserve Bank of India (RBI) had sold approximately $12 billion worth of gold. The purpose of this alleged sale was reportedly to strengthen the Indian rupee by increasing foreign exchange reserves and counteracting its slide. However, these claims are contradicted by the RBI's own Annual Report for the fiscal year 2025-26, which indicates a net increase in the central bank's gold holdings. This discrepancy suggests that the reported sale did not occur, or at least not to the extent claimed, and that the RBI's gold reserves have actually grown.