As RBI tries to revive rupee, India's forex reserves may go below $400 bn

Reserves are still strong enough to cover more than nine months of import needs

India’s foreign exchange reserves may soon drop below the $400 billion mark for the first time since November as the central bank steps up action to shore up one of Asia’s worst-performing currencies.

Reserves have steadily declined by $21 billion from a record peak of $426 billion in mid-April, and official data on Friday may show a further slide. With the rupee set to remain under pressure in the face of an emerging-market sell-off, trade war jitters and a stronger dollar, there’s little sign the central bank will ease up on its currency intervention.

The magnitude of the slump since