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India's forex reserves rise $938 million to $682 billion despite RBI's $5 billion swap
India's foreign exchange reserves saw a slight increase of $938 million, reaching $682 billion by May 29. This rise occurred despite a significant dollar-rupee swap by the Reserve Bank of India. The central bank likely sold dollars in the spot market to support the rupee. Foreign currency assets grew, while gold reserves saw a decline.
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newsbytesapp.com
Did RBI sell gold to protect India's forex reserves?
India's central bank may have sold part of its gold holdings to protect foreign-currency reserves, as suggested by Bloomberg Economics' analysis of publicly available data.
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thehindubusinessline.com
Finance ministry denies reports of RBI selling $12 billion gold reserves
Finance ministry denies RBI sold $12 billion gold. Official data shows gold holdings rose in FY26 as India forex reserves remain strong at $691 billion.
