HSBC Chief India Economist Pranjul Bhandari expects the Reserve Bank of India to keep interest rates unchanged at its upcoming policy meeting but believes policymakers may adopt a more hawkish stance as higher crude oil prices and rupee weakness increase inflation risks.
India's foreign exchange reserves declined by $7.511 billion to $681.384 billion for the week ended May 22, according to the latest data released by the Reserve Bank of India. This marks the second consecutive weekly decline and takes the country's forex reserves to their lowest level in more than a year.
