India increase gold reserves as a part of foreign exchange deployment: RBI Guv Das | Financial system & Coverage Information

Reserve Financial institution Governor Shaktikanta Das on Friday stated India has been increase gold reserves as a part of its foreign exchange deployment.

“We’re increase gold reserves that is part of our reserve deployment,” Das informed reporters on the customary post-policy evaluate press convention right here.

He didn’t give any specifics on the quantum of gold buys, however pointed to the official information which exhibits a rise within the worth of gold reserves.

As per official information, the worth of gold within the foreign exchange reserves stood at USD 51.487 billion as on March 22, which is USD 6.287 billion greater than the worth as at end-March 2023.

Earlier within the day, Das introduced that the general foreign exchange reserves have touched an all-time excessive of USD 645.6 billion as of March 29, a breakup of which will likely be made accessible on Friday night with the discharge of the weekly statistical complement (WSS).

Talking to reporters, Das stated RBI has consciously centered on constructing foreign exchange reserves over the past four-five years to behave as a buffer in opposition to any future dangers the place there are greenback outflows from India.

He additionally stated the central financial institution’s strategy on the foreign exchange entrance provides energy to the nationwide steadiness sheet as nicely.

Das additionally stated that having a steady rupee is a precedence for the Reserve Financial institution.

 

First Printed: Apr 05 2024 | 4:49 PM IST