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.
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