A significant increase in gold imports to India lifted the country's trade deficit to a record high of 37.8 billion dollars in November.
The reaction on the currency market was clear. The country's currency, the rupee, was pushed down to a record low level.
However, the increased gold import – valued at 14.8 billion dollars, compared to 3.4 billion in November 2023 – was greatly exaggerated due to accounting errors, reports news agency Bloomberg, citing sources with insight.
According to the sources, there was double booking of some gold deliveries to the Indian gold reserve due to new calculation methods.
A formal statement about the accounting error is expected to be issued, according to the sources.
Total gold imports are estimated to have been overstated by 30 percent or 50 tons in November, according to some of the sources.
If an official correction is made, it is likely that the currency market will react.
