Forex reserves declined USD 1,557 million to touch USD 314,614 million as on May 30, 2008, mainly due to a fall in foreign currency and assets collections, as well as gold reserves on a weekly basis.

As per the weekly statistical supplement of the Reserve Bank of India (RBI) released on Jun. 06, 2008, foreign currency assets depreciated by USD 1,328 million to USD 304,875 million.

During the same period, the reserve position in the International Monetary Fund (IMF) dropped USD 4 million to USD 526 million, while gold reserves witnessed a decline of USD 225 million to fetch USD 9,202 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.