The Reserve Bank of India likely sold gold reserves worth roughly $12 billion in the two weeks through May 22, while buying $7.5 billion of foreign-currency assets, BE’s senior India economist, Abhishek Gupta, wrote. The fall came despite a hike in import duties on the precious metal, which should have boosted the value of the bank’s bullion and dollars. This suggests the RBI was selling gold, according to Gupta.