Gold’s Share in India’s Forex Reserves Surges Over 209% Since 2018
Delhi/Hyderabad, Oct 17 (Maxim News): As India’s foreign exchange reserves surpassed $700 billion, the share of gold in the country’s forex has also surged more than 209 percent since 2018.
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India’s gold reserves stand at $65.76 billion (as of October 4), compared to $21.15 billion as of December 7, 2018, according to the Reserve Bank of India (RBI) data. Shaktikanta Das assumed the RBI office in December 2018. Under his tenure, forex also went up 78 percent. The total foreign exchange reserves of India stood at $701.176 billion (as of October 4) compared to $393.735 billion on December 7, 2018.
The central bank’s gold holding increased by 27.46 metric tonnes to 822.10 metric tonnes in FY24, according to its “Half-yearly Report on Management of Foreign Exchange Reserves”.
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The RBI also brought home more than 100 tonnes of gold from the UK this year. In value terms (USD), the share of gold in the total foreign exchange reserves increased to about 8.15 percent at the end of March 2024 from about 7.81 percent in March 2023.
Of the total gold holdings, 408.31 metric tonnes were held domestically while 387.26 metric tonnes were kept in safe custody with the Bank of England and the Bank for International Settlements (BIS) (Maxim News)
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