pre_text: interest rate to a variable interest rate based on the three-month libor plus 2.05% ( 2.05 % ) ( 2.34% ( 2.34 % ) as of october 31 , 2009 ) . if libor changes by 100 basis points , our annual interest expense would change by $ 3.8 million . foreign currency exposure as more fully described in note 2i . in the notes to consolidated financial statements contained in item 8 of this annual report on form 10-k , we regularly hedge our non-u.s . dollar-based exposures by entering into forward foreign currency exchange contracts . the terms of these contracts are for periods matching the duration of the underlying exposure and generally range from one month to twelve months . currently , our largest foreign currency exposure is the euro , primarily because our european operations have the highest proportion of our local currency denominated expenses . relative to foreign currency exposures existing at october 31 , 2009 and november 1 , 2008 , a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates over the course of the year would not expose us to significant losses in earnings or cash flows because we hedge a high proportion of our year-end exposures against fluctuations in foreign currency exchange rates . the market risk associated with our derivative instruments results from currency exchange rate or interest rate movements that are expected to offset the market risk of the underlying transactions , assets and liabilities being hedged . the counterparties to the agreements relating to our foreign exchange instruments consist of a number of major international financial institutions with high credit ratings . we do not believe that there is significant risk of nonperformance by these counterparties because we continually monitor the credit ratings of such counterparties . while the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions , they do not represent the amount of our exposure to credit risk . the amounts potentially subject to credit risk ( arising from the possible inability of counterparties to meet the terms of their contracts ) are generally limited to the amounts , if any , by which the counterparties 2019 obligations under the contracts exceed our obligations to the counterparties . the following table illustrates the effect that a 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates , relative to the u.s . dollar , would have on the fair value of our forward exchange contracts as of october 31 , 2009 and november 1 , 2008: .
post_text: fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset ( liability ) . . . . . . . . . $ 20132 $ ( 9457 ) fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability . . . . . . . . . . . . . . . . . . . . . . $ ( 6781 ) $ ( 38294 ) the calculation assumes that each exchange rate would change in the same direction relative to the u.s . dollar . in addition to the direct effects of changes in exchange rates , such changes typically affect the volume of sales or the foreign currency sales price as competitors 2019 products become more or less attractive . our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices. .
table: October 31, 2009 November 1, 2008
table: Fair value of forward exchange contracts asset (liability) $6,427 $(23,158)
table: Fair value of forward exchange contracts after a 10% unfavorable movement in foreign currency exchange rates asset (liability) $20,132 $(9,457)
table: Fair value of forward exchange contracts after a 10% favorable movement in foreign currency exchange rates liability $(6,781) $(38,294)
question: Analyse this data from a financial earnings document. what is the the interest expense in 2009?