Gold accounted for 69 percent of reserves pile-up for the Reserve Bank of India during the April-June quarter benefitting from both volumes in terms of gold purchases and valuation gains due to price rise.
Reserve Bank of India added $5.6 billion to its stock of reserves in the June quarter, the latest Reserve Bank of India data indicated. Of this while foreign currency assets rose $1.9 billion during the quarter, the value of gold in reserves rose $3.8 billion during the quarter. India’s foreign currency reserves are at $652 billion as of June 28.
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