The annual report from the Indian financial regulator reveals that the country followed other BRICS partners in adding physical gold to its foreign exchange reserves.
The Reserve Bank of India (RBI) reportedly bought 8.46 metric tons of gold during the last fiscal year ending in March.
According to the RBI, India’s international reserves rose by 5% from June 2017 to June 2018 in comparison to the 6.3% growth seen in the same period in the previous year.
Meanwhile, India’s share of US sovereign debt saw a gradual decline from $157 billion in March to $148.9 billion by May, according to the latest US Treasury report.
Eliminating US sovereign bonds has recently become a trend among major holders. According to the latest statistics, Russia dumped 84% of its holdings during 2018, while Turkey’s share of US Treasuries fell by 42% during the first half of the current year.
At the same time, Japan and China, the biggest holders of the US papers also reduced their shares, albeit insignificantly.
RT.com / ABC Flash Point Economic News 2018.