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Will India pledge gold to secure IMF loan?

India's forex reserves depleted to $1.2 billion in Jan 1991, and that too dried up by half by June of that year

Speculation on India pledging gold with the International Monetary Fund (IMF) to secure a loan to prop up the depreciating rupee have reached the headquarters of the multilateral institution in Washington. At a press briefing on Friday, IMF Communications Department Director Gerry Rice said there was a lot of speculation about India coming to the IMF, possibly to sell its gold reserves to boost its currency. The transcript of the press conference has been put up on the IMF website. Rice said, “Well, I wouldn’t want to speculate on any support or programme ...