Forex Reserves Jump over $2 b to $306 b

While bank credit rose . 37,123 crore, deposits grew by only . 19,568 crore in Nov

Beating the trend of past four weeks, India's forex reserves rose $2.5 billion during the week ended December 2, largely on higher valuation of gold in reserves and also due to revaluation of nondollar assets in reserves. 

According to latest figures released by the Reserve Bank of India (RBI), total foreign exchange reserves are at $306 billion as on December 2. Foreign currency assets, comprising dollars, British pounds and euro, among others, rose $2,479 million during the week. The value of gold in reserves rose by $1,145 million. 
While special drawing rights (SDRs) — the reserve currency with the International Monetary Fund — and the reserve capital with the IMF rose $12 million and $7 million, respectively. 
The rupee was steadily weakening against the dollar and the Reserve Bank of India has tried to arrest the currency's fall amid international financial markets turbulence by selling dollars, according to a section of the market. However, the central bank could have refrained from interfering in the currency market in the latest week as the currency 
    market was relatively stable during the week. 
In other developments, bank credit rose . 37,123 crore, or 0.9%, in November. Outstanding bank credit is at . 42-lakh crore as on November 30. While deposits grew by only . 19,568 crore, or 0.3%, during the period. Outstanding bank deposits are at . 56 lakh crore. The government borrowed . 36,137 crore as on December 2 under its ways and means advance facility with the RBI.