India's forex reserves rise $4.84 billion to $702.78 billion
Foreign currency assets surged by $5.75 billion to $594.82 billion. Gold reserves fell by $1.23 billion to $84.5 billion during the reported week, while special drawing rights (SDRs) rose by $158 million to $18.83 billion.
Indias reserve position with the International Monetary Fund (IMF) also increased by $176 million to $4.62 billion, central bank data showed.
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Time of India
an hour ago
- Time of India
Central banks are building a haven of bullion assets
MUMBAI: Central bank gold appetite, although not as voracious as the 1,000-tonne-a-year purchases in the past three calendar years, remains largely undiminished globally as this group of institutional buyers diversifies its asset base beyond the customary dollar-denominated holdings in a world increasingly strewn with tariff snags. Central banks net bought 166 tonnes of gold in three months to June, 33% lower quarter-on-quarter, World Gold Council (WGC) data showed. While this is the lowest quarterly number since June 2022, it is 41% higher than the average quarterly level seen between 2010 and 2021, before buying ramped up sharply in more recent years, WGC data showed. Explore courses from Top Institutes in Please select course: Select a Course Category For the first half (H1) of 2025, the number stood at 415 tonnes compared to 525 tonnes in year ago. This is also the lowest first half since 2022. Elevated gold prices amid destabilising economic and geopolitical environment has likely contributed to the slowdown in central bank buying, WGC said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Puerto Plata: Bathroom Remodeling Trends in 2025 May Surprise You Bathroom Remodeling | Search Ads Search Now Undo According to Madhavankutty G , chief economist at Canara Bank, the central banks' gold purchases fit perfectly into the de-dollarisation theme, where countries want to diversify their foreign exchange reserves. Though the dollar is still dominant in FX reserves, its share is coming down drastically, with gold benefiting from this shift. "The added benefit of gold is also the safety aspect. The US tariffs have increased the geopolitical as well as global economic uncertainty, which in turn is expected to keep gold prices elevated. Historically, US Treasury yields and gold prices were inversely related. That relationship has broken now. So even as yields are expected to remain above 4.30%, gold demand prices may also remain high," he said. Live Events Although central banks typically are strategic buyers of gold, they are not completely insensitive to its price level. "But that they continue to add gold in the face of a higher price underscores their continuing favourable attitudes towards gold as a strategic asset amid such uncertainty," it said. According to WCG, the longer-term trend of central banks taking advantage of gold's diversification properties and reallocating from US assets to gold remains intact. The Reserve Bank of India (RBI) bought nearly half a tonne of gold in the last week of June after a relatively conservative spell of bullion shopping in the current fiscal year, ET reported earlier. The RBI 's outstanding stock of gold amounted to nearly 880 tonnes as of June 27. Its share in India's foreign exchange reserves climbed to 12.1% as of July 18, 2025, from 8.9% as of July 19, 2024. WGC's Central Bank Gold Reserves Survey 2025 revealed that 95% expect gold reserves to increase over the next 12 months. The results of the survey, which collected data from 73 of the world's central banks, were published in mid-June. The National Bank of Poland was the largest buyer of gold, adding 19 tonnes to its gold reserves in the June quarter, while China's reported purchases amounted to 6 tonnes, half of what it bought in the March quarter. China's gold reserves now stand at 2,299 tonnes, WCG data showed.
The Hindu
an hour ago
- The Hindu
Letters to The Editor — August 2, 2025
Misplaced remark U.S. President Donald Trump's remark, calling India a 'dead economy', is both inaccurate and disappointing, especially when leading global institutions continue to recognise India as among the fastest-growing major economies. That the International Monetary Fund, the World Bank and the Asian Development Bank have all projected India's economic stability is a clear indication of economic vitality, not decline. With a young and dynamic population — in sharp contrast to aging demographics and slowing growth in many advanced economies, India's demographic strength, combined with prudent macroeconomic policies and digital advancement, positions it as a key driver of future global growth. Mr. Trump's comments appear to be politically charged rather than fact-based. Rukma Sharma, Jalandhar, Punjab What is odious is that Mr. Trump did not stop with just announcing tariffs. He has revived the U.S's old myopic game of trying to maintain a geo-political strategic balance in South Asia by supporting Pakistan, India's war-happy neighbour. One cannot but notice the fact that Mr Trump has been upping the ante against India ever since it successfully carried out post-Pahalgam retaliatory strikes against Pakistan's terror infrastructure. That India proved its military prowess with minimum collateral damage and the use of indigenous armaments has not gone down well with the Trump administration. Nalini Vijayaraghavan, Thiruvananthapuram The cartoon (Inside pages, 'On the draw' August 1), on Mr. Trump's decision, may be a correct portrayal. The U.S. President is publicity savvy and wants to take the credit when it comes to all major global events. He wants the Nobel Prize and has shamelessly expressed his desire. He is just another politician and not a statesman. Imposing shockingly high tariffs will hurt the business of the exporters to the United States of America, which will, in turn, affect the economies of many countries. Mr. Trump does not care one bit about the sufferings of others. He is whimsical, which is a bad trait for anyone in power. Here is an elected leader who is an example of how one should not be. V. Lakshmanan, Tirupur, Tamil Nadu One cannot help notice these contrasts — ISRO and NASA have successfully launched their NISAR satellite into orbit, which highlights the power of science and cooperation, but the U.S. President seems intent on giving pinpricks to India and the Indian government. One wonders how things will play out. Dhanaraj S., Bodinayakanur, Tamil Nadu The debate in Parliament The parliamentary debate on Operation Sindoor unfolded as expected, with few surprises. The ruling party remained determined to portray the operation as an unqualified success, while key questions raised by the Opposition were left unanswered. Vital issues deserving serious deliberation such as Mr. Trump's repeated claims of brokering a ceasefire, and the alarming security lapses in Pahalgam were largely ignored. From the outset, the ruling party's reluctance to engage in a substantive debate was unmistakable. Repeated references to events under the past dispensation did little more than deflect attention from the core concerns. One can only hope that future parliamentary discussions will rise above partisan posturing and offer genuine, meaningful exchanges. V. Nagarajan, Chennai Civic responsibility India-Bangladesh relations may be strained but there are areas of policy in that country which may be worth considering in India. I recently came across a video on YouTube, on an organisation called BD Clean ( It is a platform of 50,000 volunteers who work with the aim of ensuring a clean Bangladesh and bringing about a change in mentality in the disposal of garbage. The transformation in the country has been spectacular with heavily polluted areas undergoing remarkable transformations. It is an idea that is worth emulating in Indian cities and towns. V. Subramaniam, Chennai
Time of India
2 hours ago
- Time of India
Retd ACP duped of Rs 94L by ‘fake' investment firm
Berhampur: A retired assistant commissioner of police (ACP) from New Delhi and his family members were allegedly duped of around Rs 94 lakh after they invested in a private firm in silk city two years ago, which turned out to be fake. A case was registered against the firm's owner at Baidyanathpur police station on Thursday after K S N Subudhi, the retired ACP, filed a complaint. Subudhi, a resident of Ganesh Nagar here, invested around Rs 50 lakh in Nov 2023 after discussing it with his relatives, including his son, who had already invested Rs 43.99 lakh in the firm in 2022. Before investing the money he received after retirement, Subudhi visited the firm's office in Jyoti Nagar, and held a discussion with the owner. The firm's owner told Subudhi that they followed all the guidelines of Reserve Bank of India (RBI) and conducted financial transactions with several banks. He also requested Subudhi to invest in the company to earn a commission. Immediately after his investment, Subudhi started receiving a weekly commission after the deduction of TDS for a few weeks. But the firm suddenly stopped paying commission, citing bank problems, and assured him that payments would resume after the issue was resolved. The accused assured Subudhi that all the deposits were safe. From Jan last year, Subudhi could not reach him on phone. The firm's owner also did not respond to his messages requesting the return of the money. After some days, Subudhi learned that the accused had fled to an unknown destination, siphoning off the money of all investors. As there was no response to his calls and messages, Subudhi realised that the firm's owner had cheated him and his family members of their hard-earned money, leading him to lodge a police complaint. SP (Berhampur) Saravana Vivek M said that earlier they had registered at least five cheating cases against the accused in different police stations. In one case, one of his associates was arrested. Several attempts have been made to arrest him, but he managed to escape. "Search efforts have been intensified to nab the accused," he added.
