The Central government has dismissed reports claiming that the Reserve Bank of India (RBI) sold gold worth 12 billion dollars to strengthen the country's foreign exchange reserves. The clarification came after a Bloomberg report suggested that the RBI may have reduced part of its gold holdings to shield foreign-currency reserves from the impact of the ongoing conflict in West Asia. In an official statement issued on June 3, the RBI categorically rejected the reports, stating that its physical gold holdings remain unchanged at 880.52 tonnes.
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