Will rupee also make its way to special drawing right like yuan??

The International Monetary Fund’s decision to include China’s yuan in its currency unit and considering it as the weighted average of several convertible currencies, known as the special drawing right, or SDR is indeed an approval of China's economy. China was the world’ largest exporter, and second-largest importer, in 2014. 

                   To be in the SDR basket, a currency needs to also be “widely used” to make payments for international transactions and “widely traded” in the principal exchange markets.Chinese currency accounts for 15% of global output and qualifies on this count too, says the IMF. But that’s a big minus. Capital controls will have to go before the yuan becomes a major global currency.The immediate gain for China would be to have more of its trade settled in yuan, perhaps even before next October, when the yuan will officially be part of the SDR.

 Now the question is will rupee too be in the SDR basket soon???

                   As India continues to register strong growth, even as the rest of the world either shrinks, its share in world output cannot but rise. Unlike in the case of China, India’s financial sector is far more transparent. Sure, the country is nowhere close to full rupee convertibility, and we are not in  a hurry either. What we need urgently is a fully developed financial market and later lets see whether rupee will make it to the SDR.