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Those other countries are trying to protect themselves against US inflation. Most of their currency reserves had been US Treasuries.
This was a reply to your comment.
Does India not hold lots of US Treasuries? Or, are you just saying that holding gold is unrelated to that?
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India holds multiple assets to back INR. Actually unrelated. I think I should come up with a post on it, so as the world understands how does India do on this. What are the rules and can India print any amounts of notes or not?
Just give a few minutes.
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