Overview

• US Treasury holdings slipped to $227.4 billion in June 2025 from $235.3 billion in May and about $242 billion a year earlier, after peaking at $247.2 billion in September 2024.
• The RBI’s gold reserves rose to roughly 880 metric tonnes by July 2025, with 512 tonnes now stored in India, up from 292 tonnes in September 2020.
• India’s finance minister called the reserve shift a “very considered decision” to diversify, with total foreign exchange reserves at about $694.23 billion in late August.
• The rebalancing began well before the United States imposed 50% tariffs on Indian imports in August 2025, according to the latest reporting.
• Analysts point to lessons from the freezing of Russian reserves, while RBI allocations continue to include high‑rated sovereign and multilateral bonds to preserve safety and liquidity.