The Indian government has debunked reports by Bloomberg that claimed that the Reserve Bank of India (RBI) may have sold USD 12 billion gold to rescue the decline in rupee. PIB Fact check has said that the claim is fake, and has urged people to read the latest edition of RBI’s Bulletin on physical stock of gold.
“A news report published by Bloomberg states that RBI may have sold gold amounting to approximately USD 12 billion. This claim is FAKE. According to RBI, the share of gold in India’s foreign exchange reserves rose from 13.92% at end-September 2025 to 16.70% on March 31, 2026, and further to 16.85% as of May 22, 2026,” PIB Fact Check has posted on X.
The central fact checking agency has further said that physical stock of gold is also disclosed by RBI in its Monthly Bulletin. The latest edition is available on the RBI website at: https://rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=24213, the status of which remains unchanged as on date.
It has advised people to visit the RBI’s official website: http://rbi.org.in for authentic information.
Abhishek Gupta, senior India economist at Bloomberg Economics, estimated that the RBI likely sold nearly USD 12 billion in gold during the two weeks ending May 22, while simultaneously purchasing around $7.5 billion in foreign-currency assets.
Meanwhile, last month, Chairman of the 16th Finance Commission and former NITI Aayog vice-chairman Arvind Panagariya stated that the Reserve Bank of India should let the rupee depreciate at this moment and not treat the Rs 100 per dollar mark to determine policy response. Panagariya said India’s macroeconomic situation has significantly improved since 2013. With inflation below target the country is better equipped and able to withstand the inflationary effects of a depreciating currency.
In a post on X, Panagariya stated that 100 is just a number and that allowing the rupee to weaken is the best course of action right now. “Dear RBI, do not let the psychology of Rs 100 per dollar determine your policy response. 100 is just a number, like 99 and 101. Whether the oil shortage is short-lived or long-lived, the right response at this moment is to let the rupee depreciate,” Panagariya posted on X.
Panagariya’s remark came as the rupee touched the key 100 per dollar mark in the one year forward market recently.
