Forex reserves slump by USD 481 mn

Forex reserves slumped by USD 481 million to touch USD 254,759 million as on Jan. 09, 2009, mainly due to a 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 Jan. 16, 2009, foreign currency assets decreased by USD 458 million to stand at USD 245,417 million.

During the same period, the reserve position in the International Monetary Fund (IMF) decreased marginally by USD 23 million at USD 854 million. While, the gold reserves remained steady at USD 8,485 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. - MyIris