India's central bank likely sold $12 billion gold reserve in just two weeks to support the rupee – BE report

The Reserve Bank of India likely sold $12 billion of its gold reserves and bought $7.5 billion in foreign currency assets during the two weeks ending May 22, according to a new report from Abhishek Gupta, senior India economist at Bloomberg Economics (BE).The BE analysis, published Tuesday, drew on publicly available data to infer that India's central bank appears to have offloaded a substantial portion of its gold holdings to shield its foreign currency assets from the cascading fallout of the war in the Middle East.