The International Monetary Fund (IMF) has increased the allocation of Special Drawing Rights (SDR) to India in line with the existing quota of India in the fund.
IMF raises India’s SDR allocation
SDR is an alternate reserve currency which is floated by the IMF. SDR can be freely exchanged between the member countries instead of relying on currency of any one particular country.
IMF has increased India’s SDR quota to 12.57 billion. It is equivalent to $17.86 billion at the latest exchange rate. SDR basket comprises of U.S. dollar, Euro, Japanese yen, pound sterling and Chinese renminbi.
