RBI Sold $12bn Gold Reserves to Shield Foreign Currency Assets

📰 Analysis

The Indian government has stepped up measures to reduce foreign exchange outflows and stabilize the economy. One of these measures includes the sale of gold reserves by the Reserve Bank of India (RBI). The RBI sold $12 billion worth of gold reserves to limit the impact of external shocks. This move is aimed at reducing the country's dependence on foreign currency and stabilizing the economy. The government has also increased fuel prices and import duties on precious metals to reduce foreign exchange outflows.