The Reserve Bank of India (RBI) has sold gold worth $1.15 billion from its reserves, the Economic Times reported, quoting RBI's weekly statistical supplement data. The report said the value of gold in the country’s forex reserves amounted to $26.7 billion on October 11.
According to the report, on a net basis, RBI remained buyer of gold as since the beginning of July, it bought gold worth $5.1 billion.
The report quoted experts as saying, "The stock of gold in forex reserves has traditionally been revalued only once a month. Any changes in the interim weeks could be attributed to the purchase or sale of gold."
Sources close to RBI said that it’s likely that the central bank is trading in gold as a part of treasury operations, the way it trades in currencies, the report said.
