The Reserve Bank of India (RBI) and the Press Information Bureau (PIB) have strongly refuted a recent report by US-based financial media firm Bloomberg claiming that the central bank secretly sold $12 billion worth of gold to protect the depreciating Indian Rupee. Official agencies have dismissed the report as entirely baseless, presenting official reserve data to counter the claims.

According to the RBI’s monthly bulletins, India’s gold reserves have actually increased rather than declined. The gold share in the nation’s foreign exchange reserves rose from 16.70% at the end of March to 16.85% in May, showing an upward trend that directly contradicts Bloomberg’s claims of a massive sell-off on May 22.

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While the Indian Rupee has been depreciating against the US Dollar, several economic experts, including the former CEO of NITI Aayog, suggest that a weaker rupee is not a cause for panic and can even benefit exports. Analysts view the misleading report as part of a broader geopolitical attempt by foreign entities to undermine confidence in India’s rapidly growing economy, which is currently on track to become the world’s third-largest.