India’s holdings of US Treasuries fall to $181 billion in April, the lowest level in nearly six years, according to US Federal Reserve data cited by Indian outlets. The reduction follows a period in which India’s previous holding stood at about $232 billion a year earlier, with levels not seen since around May 2020 when they were reported at roughly $169 billion. Sources say the decline in US debt exposure is part of a broader shift in the Reserve Bank of India’s (RBI) foreign-exchange reserve management. Over the past year, the fall in foreign currency assets (including natural holdings of US Treasury bills) is described as being offset in part by an increase in bullion stockpiles.
At the same time, the RBI increases its gold reserves to about 881 metric tonnes, up slightly from 879 metric tonnes in April 2025 and higher than six years ago, when gold holdings were reported at about 658 metric tonnes. The current reported value of gold reserves is about $102.5 billion. The articles link the emphasis on gold to its role as a reserve asset during geopolitical stress, referencing the 2022 sanctions on Russia that froze part of its reserves. They also note that other central banks continue to buy gold and some countries also continue to purchase US Treasury bills.
