RBI ranked sixth among central banks in buying gold abroad

The Reserve Bank of India (RBI) bought 7.5 tonnes of gold last October, buttressing its foreign exchange reserves to $450 billion.

The RBI holds 625.2 tonnes of gold, forming 6.6 per cent of its forex reserves, said the World Gold Council (WGC) in a report based on data central banks shared with the International Monetary Fund about their holdings last week.

RBI was a modest player in buying gold abroad compared to other major central banks, adding to its reserve in October after a gap of five months. However, it became the sixth largest buyer when it purchased 25.2 tonnes