Overview
- U.S. Treasury data and Bloomberg figures show India’s holdings fell roughly 21% year on year to $190–$190.7 billion by October 31, 2025, the first annual drop in four years.
- RBI data indicate gold holdings increased to 880.18 metric tonnes by end-October 2025, with gold accounting for 13.6% of reserves as of September 26.
- Total foreign-exchange reserves stayed broadly stable around $685–$687 billion over the period, according to the coverage.
- The pullback from Treasuries occurred even as the 10-year U.S. yield traded between 4% and 4.8%, a range that typically supports foreign buying.
- Analysts, including Gaura Sengupta and Dipanwita Mazumdar, say the move reflects a measured shift away from long-duration dollar securities toward gold and other assets, a pattern also seen in China and Brazil while countries such as the UK and Japan added Treasuries.