India's foreign exchange reserves are expected to drop further, falling to their lowest level in more than two years by the end of 2022, as the country's central bank -- the Reserve Bank of India (RBI) -- continues to defend the rupee from the US dollar's rise, a Reuters poll found.
In a battle that has so far struggled to staunch the rupee's fall to a record low, the RBI has drawn down its foreign exchange reserves to $545 billion (£515 billion) from a peak of $642 billion (£607 billion) a year ago. And the process continues.
Those reserves are forecast to plummet another $23 billion (£21.7 billion) to $523 billion (£495 billion) by the end of 2022, according to the median forecast from a September 26-27 Reuters poll covering 16 economists.
If realised, that would be the lowest level in over two years.
Soldiers take part in a march past during Independence Day celebrations at the historic Red Fort in Delhi, India, August 15, 2025Reuters
Clover Valley Instant Coffee sold at Dollar General storesFDA
Discard the product, and contact Dollar GeneraliStock