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RBI has not sold any gold: Central Bank clarifies on reports it traded yellow metal

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New Delhi, Oct 27: The Reserve Bank of India (RBI) on Sunday clarified that it had not sold any of its gold reserves and neither done any trading in the yellow metal.

The central banks statement comes in the wake of some reports which stated that the RBI has been selling its gold reserves.

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"Reports have appeared in certain sections of media that RBI has been selling or trading in gold of late," the central bank said in a series of tweets.

"The fluctuation in value depicted in Weekly Statistical Supplement (WSS) is due to change in frequency of revaluation from monthly to weekly basis and is based on international process of gold and exchange rates," the RBI said in another tweet.

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The media reports cited the RBI's Weekly Statistical Supplement (WSS) data according to which the central bank bought gold worth $5.1 billion and sold about $1.15 billion of its gold reserves, according to news agency ANI.

The country's total foreign exchange reserves swelled by Rs. 13,185 crore - or $1.039 billion - to a life-time high of $440.751 billion in the week ended October 18, from a record $439.712 billion in the previous week.

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