Forex reserves plunged by USD 9,937 million to touch USD 274,004 million as on Oct. 10, 2008, mainly due to a sharp fall in foreign currency and assets collections on a weekly basis.

As per the weekly statistical supplement of the Reserve Bank of India (RBI) released on Oct. 17, 2008, foreign currency assets decreased by USD 9,934 million to USD 264,977 million.

During the same period, the reserve position in the International Monetary Fund (IMF) decreased USD 3 million to USD 458 million, while gold reserves remained steady against the previous week`s level at USD 8,565.

Foreign currency assets expressed in USD include the effect of appreciation or depreciation on non-US currencies (such as Euro, Sterling and Yen) held in reserves.