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India's foreign exchange reserves soared by $16.663 billion to touch a lifetime high of how many billion in the week ended 27 August 2021?

India's foreign exchange reserves soared by $16.663 billion to touch a lifetime high of how many billion in the week ended 27 August 2021? Correct Answer 633.558

The correct answer is 633.558 billion.

Key Points

  • India's foreign exchange reserves soared by $16.663 billion to touch a lifetime high of $633.558 billion in the week ended 27 August 2021.
  • It was mainly due to an increase in Special Drawing Rights (SDR) holdings.
  • The International Monetary Fund (IMF) made an allocation of SDR 12.57 billion (equivalent to around $17.86 billion at the latest exchange rate) to India on August 23, 2021.

Important Points

  • ​The country's forex kitty had declined by $2.47 billion to $616.895 billion in the week ended August 20, 2021.
  • SDR holdings are part of the foreign exchange reserves of a country.
  • IMF makes the general SDR allocation to its members in proportion to their existing quotas in the Fund.

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