The Reserve Bank of India (RBI) has revised its investment strategy, with the share of deposits in US Treasury bills increasing to 84% by March 2023, compared to 67% in March 2022. This shift reflects a growing preference for globally accepted liquid assets amid rising geopolitical uncertainties. The RBI's 'Half-Yearly Report on Management of Foreign Exchange Reserves' revealed that total foreign exchange reserves climbed to $691.1 billion from $607.3 billion over the same period. Notably, the share of deposits with other central banks fell dramatically from 25% to 8%, while the share of deposits with commercial banks increased from 4.2% to 7.2%. Madan Sabnavis, chief economist at Bank of Baroda, highlighted that the rising valuation of reserves due to US Treasuries, along with diversification and higher returns from bank deposits, contributed to this trend. Additionally, the RBI's foreign currency assets (FCA) remained stable, valued at $552.8 billion, while investments in bonds issued by India Infrastructure Finance Company (UK) decreased to $400 million from $1.44 billion a year earlier.