How to choose the right reserved instance in Azure

useruk1, if that RI was bought with Capacity priority, you can try to optimize it to Instance Size Flexibility (see here how), so that you extend the reach of your RI to other VM sizes from the same family.

If the RI is already with ISF, you can try to exchange it by buying a new RI for an other VM family that is exhibiting a predictable and constant on-demand usage pattern and provided the new RI value is equal to or larger than the amount you are going to return from the previous RI.

You can also trade-in an RI with a Savings Plan. See details here.

If you don't have anything else to exchange with, you can always cancel the RI, provided the returned value is not above 50K USD. Check here the RI exchange and cancellation policy.

Nevertheless, if the discount you got from that RI is >= 34% (100% - 66% utilization), you aren't losing money from it yet and you can always wait for its utilization to increase with new projects your organization might be planning.