Forex reserves slumped by USD 1,519 million to touch USD 251,364 million as on Nov. 7, 2008, mainly due to a sharp decline 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 Nov. 14, 2008, foreign currency assets decreased by USD 1,518 million to USD 242,527 million.

During the same period, the reserve position in the International Monetary Fund (IMF) declined by USD 1 million at USD 446 million, while gold reserves remained steady at USD 8,382 million.

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.