India has purchased 200 tons of gold from the International Monetary Fund to diversify its foreign exchange reserves. From New Delhi, Anjana Pasricha reports the deal means that India's Central bank now has the tenth largest gold holdings in the world.
Few had expected India's Reserve Bank to be the first to buy the International Monetary Fund's gold.
India has snapped up 200 metric tons of gold - nearly half the precious metal the IMF is selling to shore up its finances and increase lending to developing countries.
The Reserve Bank has paid $6.7 billion for the gold.
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