Rupee gets a symbol, joins elite currencies
The Indian rupee will soon have a unique symbol’-blend of the devanagri ‘ra’ and roman ‘R’—joining the elite currencies like the US dollar,euro, british pound and Japanese yen in having a distinct identity.
The new symbol, designed by Bombay IIT post graduate D Udaya Kumar, was approved by cabinet on Thursday.reflecting that the Indian currency,backed by an over trillion dollar economy,was finally making its presence felt on the international scene.
“its a big statement on the Indian currency...the symbol would lend a distinctive character and identity to the currency and further highlight the strength and global face of the Indian economy.” Information and broadcasting minister ambika soni told reporters after the cabinet meeting.
Though the symbol will not be printed or embossed on the currency notes or coins, it would be included in the ‘Unicode standard’ and major scripts of the world to ensure that it is easily displayed and printed in the electronic and print media. Among currencies with distinctive identities, only the pound sterling has the symbol printed on the notes.
Unicode is an international standard that allows text data to be interchanged globally without conflict. After incorporation in the global and Indian codes, the symbol would be used by all the individuals and entities within and outside the country.
The symbol would be accepted in a span of six months in the country, and within 18 to 24 months globally, soni said, adding it will feature on computer keyboards and softwares for world wide use. Soni said the symbol would help to distinguish the currecy from rupee or rupiah of other countries.