India`s forex reserves decreased further by USD 1,983 million to stand at USD 280,955 million as on Jan. 29, 2009, mainly on account of heavy fall foreign currency assets.

As per the weekly statistical supplement of the Reserve Bank of India (RBI) released on Feb. 05, 2009, foreign currency assets decreased by USD 1,718 million to stand at USD 256,362 million.

During the same period, the reserve position in the International Monetary Fund (IMF) decreased marginally USD 6 million to stand at USD 1,413 million.

Special Drawing Rights (SDRs) decreased by USD 23 million to stand at USD 5,124 million. Gold reserves declined by USD 236 million to stand at USD 18,056 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.