The share of gold in total foreign exchange reserves in value terms (USD) increased from 8.15 per cent at the end of March 2024 to about 9.32 per cent at the end of September 2024. As of March 2024, RBI held 822.10 tonnes of gold, 408.31 tonnes was held domestically, 387.26 tonnes was in custody with the Bank of England and the Bank for International Settlements (BIS), while 26.53 tonnes of gold was held as deposits.
Earlier this year, the RBI had withdrawn 100 tonnes of gold from the Bank of England, the first major step in bringing gold back to India after it was pledged to raise funds in 1991. Meanwhile, the Reserve Bank of India in its foreign exchange management report released on Tuesday said foreign exchange reserves increased from $646.42 billion at the end of March 2024 to $705.78 billion by September 2024. According to the report, the foreign exchange reserves cover for imports by the end of June 2024 stood at 11.2 months (11.3 months at the end of March 2024). Foreign currency assets include multi-currency assets that are held in multi-asset portfolios as per extant norms, which are in line with international best practices followed in this regard. At the end of September 2024, out of total FCA of $617.07 billion, $515.30 billion was invested in securities, $60.11 billion were deposited with other central banks and BIS and the remaining $41.66 billion were deposited with commercial banks abroad.
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