RBI likely sold $12 billion in gold reserves to protect foreign assets amidst rising pressures from oil prices and capital outflows.

India's foreign exchange reserves fell to $681.4 billion in the week ended May 22, from $688.89 billion a week earlier

RBI likely sold $12 billion in gold reserves to protect foreign assets amidst rising pressures from oil prices and capital outflows.

Amid the ongoing US-Iran conflict, the Reserve Bank of India may have sold some of its gold holdings to protect foreign exchange reserves from the economic fallout of the Middle…