India clarifies gold purchases are for diversification, not to replace the US dollar.

Finance Minister Nirmala Sitharaman clarified in India's parliament that the country's increasing gold reserves, including those held by the RBI, are not intended to replace the US dollar or any other international currency. The RBI is buying gold to diversify its reserves and balance its portfolio, not to shift away from the US dollar. Sitharaman addressed concerns that global gold purchases might signal a move away from the dollar, but emphasized that India's strategy is focused on diversification rather than de-dollarization.

6 weeks ago
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