The Reserve Bank of India has firmly denied a report claiming it sold $12 billion in gold reserves to support the faltering rupee. A recent Bloomberg Economics report suggested the central bank offloaded gold to protect the currency, which is nearing an all-time low against the U.S. dollar. Both the RBI and India’s Press Information Bureau have officially refuted these claims, stating the nation’s gold holdings remain unchanged.
India’s rupee is nearing an all-time low against the U.S. dollar, with fears it could fall to a historic level of 100. A report from Bloomberg Economics claimed the Reserve Bank of India sold $12 billion in gold reserves to safeguard the rupee. The report also stated the RBI added approximately $7.5 billion to its foreign currency assets following the move.
The central bank issued a statement late Wednesday officially denying the gold sale report. “The Reserve Bank of India (RBI) has come across reports in certain sections of the media about RBI’s sale of gold,” the statement read. It clarified that “the physical stock of gold remains unchanged at 880.52 tonnes as on date.”
India’s Press Information Bureau also fact-checked the claims, calling them false. The bureau stated that India’s foreign exchange reserves rose from 13.92% at end-September 2025 to 16.85% as of May 22, 2026. Officials advised the public to rely on official information published by the RBI.
