Part 2/9:
According to the latest data from the Reserve Bank of India and the US Treasury Department, India’s holdings of US Treasuries have declined from about $242 billion a year ago to approximately $227 billion as of June 2025. While this decline might seem modest at surface level, it symbolizes a notable shift in the long-term trend of reserve diversification. Rather than isolated activity, this move aligns with a wider global pattern where central banks are reconsidering their reliance on US dollar assets.