India’s SDR holding rises to $19.41 Billion: RBI

The International Monetary Fund (IMF) makes the general SDR allocation to its members in proportion to their existing quotas in the multilateral lending agency.

On Wednesday, the Reserve Bank of India announced that India’s holdings of IMF Special Drawing Rights (SDR) have increased to SDR 13.66 billion, or USD 19.41 billion at current exchange rates.

The International Monetary Fund (IMF) distributes SDRs to its members proportionally to their current quotas in the multilateral lending organization.

SDR holdings are crucial since they are one of the components of a country’s foreign exchange reserve.

According to the RBI, the IMF allocated SDR 12.57 billion (about USD 17.86 billion at the current currency rate) to India on August 23.

“As of August 23, 2021, India’s total SDR holdings stand at SDR 13.66 billion (equal to about USD 19.41 billion at the current exchange rate),” it added.