India's US Treasury holding hits a 6-year low amid gold push

India's US Treasury holdings fell sharply to a six-year low, declining from about $232 billion a year earlier, reflecting the RBI's sustained reduction in exposure to US government debt. The RBI has been shifting its foreign exchange reserve strategy, cutting allocation to US Treasuries while raising gold reserves to 881 metric tonnes, valued at $102.5 billion. Other central banks including those of Poland, China, Czech Republic and Turkey have also been net buyers of gold, while nations like Japan, UK, Belgium, France and Canada have net purchased US Treasury bills.