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.
Click here to follow our WhatsApp channel
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.
ALSO READ: RBI's MPC decision shows resolve to ensure price stability, say experts
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.
Also Read
Banks, NBFCs need to be watchful of stress building up: Shaktikanta Das
Last date to apply for new Sovereign Gold Bond (SGB) tranche today: Details
Gold price climbs Rs 220 to Rs 63,270, silver rises Rs 300 to Rs 76,500
Gold price dips Rs 110, silver falls Rs 700, trading at Rs 75,000 per kg
Gold price declines Rs 10 to Rs 62,180, silver falls Rs 100 to Rs 73,900
Average salary hike in India likely to be 8-11% this year: Randstad India
India to stop importing urea by end of 2025, says Mansukh Mandaviya
Subramanian's remark on 8% growth projection for India not ours, says IMF
RBI wants inflation elephant in the forest. Can pricier oil bring it back?
RBI MPC: Here are the major announcements made by Governor Shaktikanta Das
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)