RBI 'eyes' God's gold for rupee rescue

The Reserve Bank of India's latest move to make an assessment of the gold stocks in Indian temples may have ruffled the sentiments of believers, but some experts say the move, seen as a precursor to buying gold from the temples, is welcome. With Indian temples possessing an estimated 35,000 tonnes of gold, a move by banks to buy it will lead to lowering of gold imports, one of the major contributors to the country's widening current account deficit (CAD) or the difference between the inflow and outflow of foreign currency.

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