The Reserve Bank of India (RBI) has dismissed claims that it sold gold reserves worth $12 billion to strengthen the country's foreign exchange reserves.
According to a press release issued by the RBI, the reports claiming the sale of gold reserves are 'not correct.'
The physical stock of gold remains unchanged at 880.52 tonnes as of date, the RBI said.
Meanwhile, the Press Information Bureau (PIB) also published a fact-check on the reports, calling them 'fake.'
PIB stated that the share of gold in India's foreign exchange reserves rose to 16.70% on March 31, 2026, and further to 16.85% as of May 22, 2026.
The RBI's actions in the foreign exchange market appeared to have supported the rupee, helping it perform better than most Asian currencies since May 20, when it touched a record low.
