India Boosts Gold Reserves: RBI Governor Das
By Rediff Money Desk, MUMBAI Apr 05, 2024 15:55
Reserve Bank of India Governor Shaktikanta Das reveals India has been increasing its gold reserves as part of forex management strategy, aiming to bolster national balance sheet and act as a buffer against future risks.
![India Boosts Gold Reserves: RBI Governor Das](https://im.rediff.com/money/2023/jul/21dollar2.jpg)
Photograph: Kham/Reuters
Mumbai, Apr 5 (PTI) Reserve Bank Governor Shaktikanta Das on Friday said India has been building up gold reserves as part of its forex deployment.
"We are building up gold reserves that is a part of our reserve deployment," Das told reporters at the customary post-policy review press conference here.
He did not give any specifics on the quantum of gold buys, but pointed to the official data which shows an increase in the value of gold reserves.
As per official data, the value of gold in the forex reserves stood at USD 51.487 billion as on March 22, which is USD 6.287 billion higher than the value as at end-March 2023.
As per a recent news report, RBI bought 8.7 tonne of gold in January alone which is the highest in two years. The central bank's gold holdings had touched 812.3 tonne at the end of January from 803.58 tonne in the preceding month, as per the World Gold Council. The price of gold has also seen a rally over the last few months.
Earlier in the day, Das announced that the overall forex reserves have touched an all-time high of USD 645.6 billion as of March 29, a breakup of which will be made available on Friday evening with the release of the weekly statistical supplement (WSS).
Speaking to reporters, Das said RBI has consciously focused on building forex reserves over the last four-five years to act as a buffer against any future risks where there are dollar outflows from India.
He also said the central bank's approach on the forex front adds strength to the national balance sheet as well.
Das also said that having a stable rupee is a priority for the Reserve Bank.
"We are building up gold reserves that is a part of our reserve deployment," Das told reporters at the customary post-policy review press conference here.
He did not give any specifics on the quantum of gold buys, but pointed to the official data which shows an increase in the value of gold reserves.
As per official data, the value of gold in the forex reserves stood at USD 51.487 billion as on March 22, which is USD 6.287 billion higher than the value as at end-March 2023.
As per a recent news report, RBI bought 8.7 tonne of gold in January alone which is the highest in two years. The central bank's gold holdings had touched 812.3 tonne at the end of January from 803.58 tonne in the preceding month, as per the World Gold Council. The price of gold has also seen a rally over the last few months.
Earlier in the day, Das announced that the overall forex reserves have touched an all-time high of USD 645.6 billion as of March 29, a breakup of which will be made available on Friday evening with the release of the weekly statistical supplement (WSS).
Speaking to reporters, Das said RBI has consciously focused on building forex reserves over the last four-five years to act as a buffer against any future risks where there are dollar outflows from India.
He also said the central bank's approach on the forex front adds strength to the national balance sheet as well.
Das also said that having a stable rupee is a priority for the Reserve Bank.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...