India is shifting its forex reserves strategy. In June 2025, gold holdings rose while US T-bill investments fell. The Reserve Bank of India purchased over 39 tonnes of gold in one year, reflecting a global move to diversify away from the dollar.

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• India gold reserves 879.98 tonnes, up from 840.76 tonnes
• RBI bought 39.22 tonnes gold in one year
• UST holdings cut to $227B from $242B last year
• Forex reserves total $690B as of Aug 22, 2025
• India still in top 20 UST investors
• Ahead of Saudi Arabia, Germany in UST exposure
• Diversification to reduce dollar dependence
• Economists: shift due to trade, geopolitical tensions
• Risks tied to US fiscal deficit, high yields
• China also cut UST holdings, Israel increased